The Credit Rating and Information Services of India Limited (Crisil) has downgraded the rating assigned to the twin non-convertible debenture programmes of Kalyani Steels Limited (KSL) for raising Rs 10 crore and Rs 46.9 crore respectively. The instrument's rating revision from moderate safety (`BBB+') to one indicating that it is in default or is expected to default on maturity (`D') reflects the company's inability to meet its debt obligations in a timely manner, Crisil said in a statement Mumbai.