MUMBAI, Aug 20: Credit Analysis and Research Ltd (Care) has downgraded the fixed deposit programmes of Dewan Housing Finance Corporation and Godrich Finance & Investments.

While the FD programme of Dewan Housing up to a limit of Rs 200 crore has been downgraded to CARE AA- (FD) from CARE AA (FD), Godrich Finance & Investment's FD programme has been downgraded to CARE BB (FD) from CARE BBB (FD). The rating agency has also decided to suspend the rating assigned to the company's FD programme. Care has also downgraded the Rs 13 crore non-convertible debenture programme of Dewan Housing from CARE AA to CARE AA-. The revised rating of Dewan Housing, however, continues to be of the highest investment grade. The revised rating assigned to Godrich Finance & Investments suggests that the instruments are considered to be speculative with inadequate protection for interest and principal repayments.

While Care has retained the AA (SO) rating assigned to the Rs 2.68 crore NCD programme of Lloyds Housing Finance, it has suspended the rating assigned to its FD programme since the company has not yet launched the programme. Care has, meanwhile, assigned a PR1+ rating to the Rs 30 crore commercial paper programme of Kirloskar Electric Company Ltd. The rating indicates superior capacity for the repayment of short-term promissory obligations. Care has also assigned a CARE AA+ rating to the unsecured 18 month NCD programme of the company for Rs 15 crore.CARE AA ratings have been assigned to the NCD programmes of DE-NOCIL Crop Protection and Advani Oerlikon. While DE-NOCIL proposes to raise Rs 15 crore, Advani Oerlikon will raise Rs 10 crore. A CARE AA+ (FD) rating has been assigned to the FD programme of Advani Oerlikon.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.