The credit rating agency has downgraded Alpic Finance's non-convertible debenture (NCD) programmes from A-plus (A+) to A-minus (A-) and FD programme from FAA-minus (FAA-) to FA. Mafatlal Finance's NCD programme has been downgraded from A to triple-B and FD programme from FA-plus to FA-minus. Its preference share has been downgraded from pfA to pfBBB.

The rating revision of Mafatlal Finance reflects the significant decline in the disbursement level, low profitability and increasing delinquencies in the plant and machinery segment, a Crisil release stated on Friday. Apple Finance's downgrade reflects the "greater than anticipated slowdown in business due to the difficult business scenario for NBFCs, continued decline in profitability anddeteriorating asset quality."

The agency has downdraded the Rs 15-crore NCD issue and another Rs 1.9-crore NCD issue of Ganesh Benzoplast (GBL) to BB from A. It has also downgraded the company's FD programme to FB from FA+. "The revision in the rating is based on the continued liquidity constraints faced by the company on account of delay in project implementation, funding mismatch and illiquid assets, which have severely affected the financial risk profile and debt servicing record of the company," stated a Crisil release.

It has assigned a P1+ rating to the Rs 35-crore commercial-paper (CP) programme of Nestle India. "The company has shifted its focus from primarily a milk products company with increased proportion of soluble beverages and other products sale. The company is also adding new products from its international range and currently enjoys a very favourable brand equity," it stated. It has downgraded the rating assigned to Fortis Financial Services from FA- to FB+.

The revised rating reflectsthe difficult cash-flow position of the company, high delinquency levels in plant and machinery financing and short-term lending activities and the absence of any clear business strategy for the future. "The rating factors the funding support from promoters and the stated commitment to meet all deposit-holder obligations," stated the release.

It has also withdrawn ratings assigned to a few non-banking finance companies (NBFCs), which had approached the credit-rating agency as they no longer intend to raise FDs nor do they have any outstanding deposits. These companies are Bombay Leasing Company (FB), Fedex Securities (FB), Godrej Investments (FAA) and Suraj Sanghi Finance (FA-).