MUMBAI, July 29: Credit rating agencies have downgraded the rating on the debt instruments and fixed deposit programmes of four companies -- Pal-Peugeot Ltd, Tata SSL Ltd, Whirlpool of India Ltd and Calcutta-based IFB Finance Ltd -- for various reasons.

Crisil, the leading rating agency has downgraded the Rs 142.41 crore non-convertible debenture programmes of Pal-Peugeot Ltd to D from C. Besides it has also downgraded two of Tata SSL's NCD programmes amounting to Rs 66.98 crore have been downgraded to A- from A+.

The revised rating of Pal-Peugeot indicates that the debentures are in default and in arrears of interest or principal repayments, or are expected to default on maturity. Such debentures, according to Crisil, are extremely speculative and returns from these debentures may be realised only on reorganisation or liquidation. Pal-Peugeot has already defaulted on the scheduled half-yearly interest payment on the rated instrument which fell due on June 30, 1997. However, though Crisil has downgraded the NCD programmes of Tata SSL, the revised rating still indicates adequate safety.ICRA, another rating agency, downgraded the partly convertible debenture programme of Whirlpool to LBBB from LA, the fixed deposit programme of IFB Finance has been downgraded to MA- from MA+.

The revised rating of Whirlpool indicates moderate safety, considerable variability in risk factors and below average protective factors. The rating also suggests that adverse changes in the business are likely to affect the timely payment of interest and principal. Whirlpool reported losses for the last two consecutive accounting periods ended September 1995 and December 1996. The company's profitability has suffered on account of the slowdown witnessed in the refrigerator and washing machine industry during 1995-96. Whirlpool has also incurred huge expenditure in modernising its plant, reducing its workforce and in brand building in 1995-96.

ICRA has also placed the rating of IFB Finance under watch with negative implications. This is being done with a view to evaluate the impact of developments on the financial position of the company for the 1996-97 fiscal when the accounting results are finalised.

It revised the rating due to the deterioration in the quality of the asset portfolio with a number of accounts in the corporate lease segment performing poorly.

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