Crisil has affirmed the `A' rating assigned to the Rs 5-crore non-convertible debenture issue of Petron Engineering Construction Limited (PECL). According to a Crisil the rating reflects PECL's established business position as a leading mechanical erection company, its low financial risk on account of steady income and profit growth and comfortable levels of gearing and interest coverge. The rating also factors the inherent risks involved in the contracting business, the current depressed industrial investment climate, PECL's exposure to some risky projects and reflects the company's demonstrated ability to successfully mitigate the risks arising out of these factors.

Icra assigns `A1+' to Goodyear CP

Icra has assigned `A1+' rating to Rs 10 crore commercial paper and Rs five crore enhanced commercial paper of Goodyear India, a tyre company. The rating reflects highest safety and the prospects of timely payment of debt and interest payment obligations, icrasaid in a release today, adding that the rating also takes into account Goodyear's established market position in the tyre industry, its parent Goodyear Tire and Rubber Company' (GTRC) support for technology and for new products.

Icra assigns `LAA(SO)' rating to MSEB

Icra has assigned `LAA(SO)' rating--indicating high safety, to the Rs 300 crore bond programme of Maharashtra State Electricity Board (MSEB). Icra has also reaffirmed the `LAA(SO)' rating to MSEB's earlier issue aggregating to Rs 1,218 crore. The current rating takes into account the budgetory support from the government of Maharashtra for payment of principal and interest on the bonds accompanied by unconditional and irrevocable guarantee.

South Indian Bank CEO ratified

Reserve Bank of India has ratified the appointment of A Sethumadhavan as the Chairman and Chief Executive Officer of the South Indian Bank Ltd for a period of three years, with effect from June 9, 1999.

Tata Chemicals, Mukand downgraded

Crisilhas downgraded the rating assigned to the outstanding Rs 4.08 billion debentures and bonds of Tata Chemicals Ltd from `AA+' to `AA'. The proposed non-convertible debenture (NCD) programme of Tata Chemicals has also been rated `AA', while the rating agency has retained the `P1+' rating assigned to the company's Rs 2 billion commercial paper programme. Meanwhile, the agency also revised downwards the rating assigned to steel manufacturer, Mukand Ltd, from `BBB+' to `BB' on account of continued deterioration in financial risk with the expected losses in 1998-99 and further worsening in capital structure.