CRISIL cuts rating on bank facilities of Ishwar Ispat Industries.

(ADPnews) - Jan 17, 2011 - Indian rating agency CRISIL today downgraded the rating on bank facilities of Ishwar Ispat Industries Pvt Ltd to BB/"negative" from BB+/"stable".

The agency issued the following press release:

Rs.67.50 Million Cash Credit BB/Negative (Downgraded from aBB+/Stable')

Rs.32.50 Million Proposed Long-Term Bank Loan Facility BB/Negative (Downgraded from aBB+/Stable')

CRISIL has downgraded its rating on the bank facilities of Ishwar Ispat Industries Pvt Ltd (Ishwar) to aBB/Negative' from aBB+/Stable'.

The rating downgrade reflects deterioration in Ishwar's financial risk profile in 2009-10 (refers to financial year, …