The Credit Analysis and Research Ltd (CARE) has upgraded the rating assigned to Fedbank Financial Services Ltds fixed deposit programme from A- to A for a limit of Rs 5 crore. It has also retained the A rating assigned to the ongoing fixed deposit programme of the company for a limit of Rs 10 crore and the Rs 4-crore NCD issue of Rollatainers, a CARE release said.
The Rs 20-crore commercial paper programme of Hoechst Schering AgrEvo has been assigned a rating of `PR1 plus, indicating superior quality of the instrument, it added. Another credit rating agency, Crisil, has downgraded the Rs 3.09-crore non-convertible debenture issue of Bell Ceramics from A to BBB, indicating moderate degree of safety with regard to timely payment of interest and principal.
The fixed deposit programme of El Forge has been downgraded from FA plus to FA minus. The revised rating indicated adequate safety with regard to timely payment of interest and principal, a Crisil release said.It has also downgraded the Rs 35-crore bond issue of Thrissur-based South Indian Bank from A to A minus, indicating adequate degree of safety with respect to timely payment of interest and principal.
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Crisil has reaffirmed the AA rating given to the Rs 15-crore non-convertible debenture issue, the FAA rating assigned to the fixed deposit programme and the P1 plus rating assigned to the Rs 7.5-crore commercial paper issue of Kinetic Engineering.
It has also reaffirmed the AA minus ratings assigned to the NCD issues and the FAA rating to the fixed deposit programme of pharmaceutical company German Remedies. Its Rs 20-crore CP programme has been assigned a P1 plus rating and the Rs 4.87-crore NCD issue, an AA minus rating.
The Investment Information and Credit Rating Agency (Icra) has assigned a LAA rating to Dena Banks Rs 200-crore proposed issue of subordinated bonds and upgraded its long-term rating for its Rs 100-crore subordinated bond issue from LAA- to LAA.
The short-term rating for its certificates of deposits amounting to Rs 500 crore has been reaffirmed at A1 plus, said an Icra release here.