India's ICRA downgrades long-term debt of Escorts

Newswire

BOMBAY, Aug 22 (Reuters) - Indian rating agency ICRA downgraded on Thursday the long-term debt rating of the country's third largest tractormaker Escorts Ltd to LA from LA+. The new rating indicates adequate safety but with a relatively lower standing within the same category. "The revision factors in the pressure in the tractor industry, Escort's high exposure to the group's telecom business which has increased ... and increase in overall exposure to group companies in 2001/02," ICRA ...

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