"The rating is based on the healthy capital structure of Lafarge India and the strategic importance given by its parent Lafarge SA to Asia and India for its future growth plans," a Crisil release issued in Mumbai on Tuesday said. According to Crisil, Lafarge SA's 85 per cent shareholding and management control would enhance its credit quality despite its presence in the highly competitive eastern market, which is curently characterised by low realisations compared to other Indian markets.

Crisil has also reaffirmed the highest safet `P1+' rating assigned to the debt programme of two companies in the business of photo films manufacture, marketing and processing: Jindal Photo Films Rs 25-crore CP programme and Kodak India Ltd's (KIL's) Rs 50-crore CP programme. The rating agency also upgraded KIL's `AA-' rating assigned to the Rs 10-crore non-convertible debenture (NCD) programme to `AA+'. Meanwhile, Icra has reaffirmed the `LBBB+', indicating moderate safety, and `MA-' ratings, indicating adequate safety, assigned to Steel Authority of India Ltd's bonds and fixed deposit programme respectively.