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Drumbeat: Ad Buzzaar
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Saturday, May 23, 1998
Mafatlal, Alpic downgraded
ENS ECONOMIC BUREAU
MUMBAI, May 22: Crisil, the leading credit rating agency, has downgraded the fixed deposit (FD) programmes and non-convertible debenture (NCD) issues of Mafatlal Finance Company Limited (MFCL) and Alpic Finance Limited (AFL).The agency in a release tonight said it had downgraded the FD programme of MFCL from `FA+' to `FA-', the Rs 900 million NCD issue from `A' to `BBB' and the Rs 300 million preference share issue from `PFA' to `PFBBB'.The revision reflected the significant decline in the disbursement levels, low profitability and increasing delinquencies, especially in the plant and machinery segment, the release said. The `A+' rating assigned to the Rs 1500 million and Rs 500 million NCD programme of Alpic has been downgraded to `A-', while the `FAA-' rating assigned to FD programme has been downgraded to `FA'. The revision reflected the greater than anticipated slowdown in business, continued decline in profitability and deteriorating asset quality, the release said. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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