The rating for GSEG takes into account the risk factors which are more variable and greater in periods of economic stress. The protective factors are average and any adverlter change in the circumstances, as may be visualised, may after fundamental strength and affect timely payment of principal and interest as per terms, the rating agency said in a statement here.

ICRA said the upgrade in ratings of PGCIL takes into account the company's status in the power sector as a sovereign owned monopoly responsible for providing long distance high voltage transmission and National Grid management.

The agency has retained the adequate safety (LA minus) rating assigned to the Rs 25 crore non-convertible debenture programme of H&R Johnson India Ltd. The rating takes into account the positive outlook for the ceramic tile industry and the strong market position of HRJ.

However, the rating of HRJ is constrained by intense competition in the industry, the company's high level of gearing and pressure on its liquidity due to significant repayment obligations in the next couple of years.

The rating agency has also assigned the highest safety rating to the Rs 15 crore commercial paper programme of Indian Shaving Products (ISPL) taking into account the company's prospects of timely payment of debt/obligation and also the company's strong position in the shaving products market.