The rating review largely reflects the business scenario for the NBFCs that has affected the company's operations. The current scenario, characterised by a slowdown in mobilisation of resources for NBFCs, has impacted the fresh business. CARE has said that successful asset-liability management and the ability to raise resources at a reasonable cost would be important factors in the medium-term.

The rating agency has also downgraded the FD and NCD programmes of Nagarjuna Fertilisers & Chemicals. The FD programme of the company has been downgraded to `AA' from `AA+' while the Rs 75-crore NCD plan has been downgraded to `AA-' from `AA'.

The Nagarjuna group is implementing projects in the refinery and power sector, involving huge commitments of around Rs 900 crore required from the company. While these new ventures may result in the diversification of risk in the long run, NFCL would be exposed to project related risks and such investments might put pressure on the financial position of NFCL.

The rating agency has downgraded Concert Capital -- a Kochi-based finance company from `BB' to the default category. The rating has been downgraded taking into account the company's reported failure to meet its obligations to fixed deposit holders on time.

CARE has reaffirmed the ratings assigned to the Rs 800-crore NCD and deep discount bond issue of Reliance Capital at `AA+'. The company's FD programme has also been reaffirmed at `AAA'. CARE has also upgraded the FD rating of Weizmann Homes to `A-' from `BBB+' after the company reduced the size of its FD programme to Rs 3 crore from Rs 5 crore earlier.

Care has also reaffirmed the `AAA' rating of the various debt programmes of the Industrial Credit and Investment Corporation of India at `AAA'. A PR1+ rating has been assigned to the Rs 8 crore commercial paper programme of Monsanto Chemicals of India.