Rising downgrades
During October this year, even as the number of instruments that have been downgraded by the various credit rating agencies is up by only four from 25 in September to 29 last month -- the difference in terms of the amount involved is much more significant.In October this year, a total of 140 instruments worth Rs 14,541 crore were rated. Out of these, 21 per cent of the instruments, involving an amount of Rs 3,146 crore were downgraded. In contrast, only four instruments worth Rs 25 were upgraded. In September this year, 25 instruments worth Rs 578 crore were downgraded.
The downgraded instruments include two in the sugar industry, three instruments in the textile sector and one in the drug and pharmaceutical sector.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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