MUMBAI, June 11: The ratings assigned by Credit Analysis & Research Ltd (CARE) to the fixed deposit programmes of two companies in the Modern group belonging to the Rankas Modern Syntex Ltd (MSL) and Modern Terry Towel Ltd (MTTL) and the non-convertible debenture issue of MSL, which were placed under `Creditwatch' in December 1996, have been downgraded.

The ratings in respect of FD programmes up to Rs 15 crore of both MSL and MTTL have been drowngraded from A to BB+. The rating assigned to the NCD issue of MSL for Rs 20 crore has also been downgraded from A to BB+. Instruments with BB+ rating are considered to be speculative.

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