Purolator India rating downgraded

The outstanding rating on the Rs. 5 crore non-convertible debenture issue of Purolator India (PIL) has been downgraded to BBB plus from A minus. The outstanding FA rating on the company's fixed deposit programme has been reaffirmed.

The rating revision is on account of the likely decline in operating profitability in 2000-01 and the consequent increase in the company's financial risk profile, as characterised by the continued decline in interest coverage levels. The ratings also take into account the partial correction in gearing due to liquidation of group investments, PIL's strong market position in the domestic automotive filters market and its healthy revenue mix across the OEM, replacement and export markets.

PIL is engaged in the manufacture and sale of oil, air and fuel filters.

- Corporate Bureau

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Section  : Business
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