Crisil also reaffirmed its "P1+" rating for certificate of deposits of IDBI Bank. Rating for Siemens Ltd's Rs 400 million NCD (AAA) and Rs 750 million commercial papers (P1+) is reaffirmed by Crisil.

Crisil said, "The rating applies to a particular debt obligation of the company and is not a rating for the company as a whole. The rating also does not constitute a recommendation to buy/sale or hold a particular security."

"In case of HPCL, the rating reflects the company's strength as an integrated oil company in the downstream sector with a mix of depreciated and new refinery assets, established distribution network, favourable operating performance and strong financial position as manifested in its low gearing levels and strong cash accruals.

These strengths offset the expected increase in competition on account of deregulation, burgeoning oil pool deficit, which is straining the short term liquidity position of oil companies and the cyclical nature of refinery margins." Crisil noted.

It said, "The recommended rating of IDBI Banks reflects its healthy profitability, average asset quality and its strong parentage. Partly offsetting these strengths are concerns over the banks relatively high cost of funds, small size and limited track record.

The Rs 50 million NCD of Twenty-first Century Printers Ltd has been assigned `A+' (adequate safty) rating by Crisil.