Crisil downgrades Telco’s Rs 7-cr NCD’s to ‘AA-’

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Mumbai, Aug 3: The Credit Rating Information Services of India Ltd (Crisil) has downgraded Tata Engineering and Locomotive Company Ltd’s (Telco) Rs 6,97 crore non-convertible debentures (NCDs) by two notches to “AA-” from “AA”.

The revision in ratings is on account of the sustained weakness in the company’s operating profitability due to the expected continuation of the sluggish demand conditions prevailing in the commercial vehicles market in 2000-01 into the current financial year Crisil said.