"The RIICO rating takes into account additional credit enhancement in the form of an unconditional and irrevocable guarantee by the state government of Rajasthan towards the timely payment of interest and repayment of principal through a structured payment mechanism involving a tripartite agreement between RIICO, GoR and trustees to the bond-holders," a release on Thursday said.

CARE added that the rating assigned to HCC's debt issue reflects the company's long track record, its healthy order book position and its demonstrated expertise in the civil engineering and construction business.

The rating agency has retained the `PR1' rating assigned to the Rs75 crore CP programme of Usha Beltron Ltd and has downgraded the rating for the ongoing fixed deposit (FD) of Nava Bharat Ferro Alloys Ltd from `CARE A-(FD)' to `CARE BB+(FD)'.

Meanwhile another rating agency Icra, has assigned an `A1' rating to the Rs 125 crore CP programme of Tata Tea Ltd (TTL), indicating highest safety. "The prospect of timely servicing of debt/obligation is the best. The rating reflects the superior profitability and strong operating cashflows of TTL, conservative capital strucuture, comfortable liquidity position and financial flexibility arising from undrawn bank limits and a large investment portfolio," an Icra release on Thursday said.

The rating, however, does not factor in the likely impact on TTL in case the proposed acquisition of tetley limited materialisers, Icra added.

Meanwhile, Credit Rating Information Services of India Ltd (Crisil) has downgraded the ratings assigned to the Rs 38.82 crore non-convertible debenture (NCD) issue and FD programme of Gujarat LeaseFinancing Ltd (GLFL) from `BB' to `C' and `FB' to `FC' respectively.

According to a Crisil release the revision in rating reflects GLFL's strained liquidity, deterioration in asset quality, continuing losses and erosion of network. GLFL's cash flow position has been severely affected on account of significant deterioration of asset quality and weak resources position.