The long-term ratings on two companies belonging to the DSP Merrill Lynch Group (DSP Merrill Lynch Ltd and DSP Merrill Lynch Capital Ltd) have been downgraded to ?AA+? from ?AAA?, and the outlook for these ratings has been revised to ?negative? from ?stable? by Crisl . The rating agency has also revised the outlooks on the long-term ratings of four Citigroup companies (Citicorp Capital Markets Limited, Citicorp Finance India Limited, Citicorp Maruti Finance Limited, and CitiFinancial Consumer Finance India Limited) to ?negative? to ?stable?.
On March 19, 2008, Crisil had announced that it was re-examining its ratings on 27 institutions in the Indian financial sector whose ratings are linked to the global ratings on their foreign parents. This covered three aspects namely, the standalone profiles of Indian institutions, an assessment of the strength and quality of parent support, and mapping of global ratings to the Crisil scale.
Crisil has completed its re-examination for 16 of these institutions. For the remaining 11, Crisil is in the process of concluding its reassessment.
Of these institutions, 14 have short-term ratings outstanding; Crisil has reaffirmed all 14 short-term ratings at ?P1+?. For six institutions, the long-term ratings, the outlooks on these ratings, have been changed. For five institutions, there is no change in the long-term ratings and outlooks.
