Both the bond programmes of NPC were upgraded from `AA'to `AAA', indicating highest safety, Crisil said in a release on Tuesday. The upgradation was based on significantly improved cash flows of NPC on account of sustained increase in plant load factors along with better collections of dues from the state electricity boards in the past few years, it added.

Crisil said the NCD issue of Indian Seamless Metal Tubes Ltd was downgraded from `BB+' to `D', indicating default while the rating for it's FD programme was scaled down from `FB+' to `FD' also indicating default.

The rating reflects the inability of the company to meet its rated debt obligations in a timely manner, it added. This was on account of strained cash flows upon merger with Kalyani Seamless Tubes Ltd effective from July 1, 1999, a company with large levels of debt and low cash flows, Crisil said. MCL's Rs 180 cr NCD issue bags Crisil's 'AA' ratingCREDIT rating agency Crisil has announced various ratings to the debt instruments of Madras Cements Ltd (MCL). It assigned the `AA' rating to the Rs 180 crore non-convertible issue (NCD) issue and reaffirmed the `AA' rating assigned to the Rs 175 crore, Rs 20 crore, Rs 75 crore and Rs 36 crore NCD issues of the company, Crisil said in a statement here today.

Crisil also reaffirmed the FAA plus rating assigned to MCL's fixed deposit programme and the Rs 80 crore commercial paper programme.

The reaffirmation in rating reflects MCL's strong brand and distribution strengths, strong operational efficiencies and the high capacity utilisation of its facilities, it said. The rating also positively factors in the expected improvement in business risk after the commissioning of the Alathiyur expansion due to the locational advantage of the plant and lower capital costs of the expansion.

MCL is the second largest cement producer in south India and is the process of setting a new one million metric tonne cement plant at Alathiyur in Tamil Nadu at Rs 290 crore.