- Debenture - Rs. 162.3 million
Rating : Downgraded from AA to AA-
- Fixed Deposit Programme
Rating : Downgraded from FAA to FAA-
- Commercial Paper Programme - Rs. 95 million Rating : P1+ (reaffirmed)
The rating revision is reflective of the deterioration in PCL's market position which has adversely impacted market share and fixed cost recovery. The rating however finds comfort in the company's low gearing levels and the support it enjoys as part of the Murugappa group of companies.
Parrys, which manufactures and sells the well known "Parry's" range of sugar confectionery, is a part of the Madras based Murugappa group of companies. For the half year ended Sept 30, 1999, PCL posted a loss of Rs. 45.3 Mn on sales of Rs. 509.6 Mn.