Article: ICRA downgrades Sheetal Manufacturing's loan rating to LBBB-.

(ADPnews) - Aug 25, 2009 - ICRA lowered Monday to LBBB- from LBBB the rating on the INR 33 million (USD 677,200/EUR 473,700) term loans of Indian diamond producer Sheetal Manufacturing Co Private Ltd (SMC).

The agency also cut to A3+ from A3 the rating on the company's fund-based limits.

The ratings suggest moderate credit quality.

The revision reflects the change in SMC's capital structure, following the conversion of a significant part of the partners' capital into preference share capital and unsecured loans, subsequent to corporatisation of the entity.

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