SPIC

The rating agency, CARE, has downgraded the NCDs of Southern Petrochemicals Industries Corporation LTD's (SPIC) to default category. The rating assigned to the outstanding Rs 100-crore NCD programme has been downgraded to CARE D from Care A.

The company's Rs 75-crore fixed deposit programme has also been downgraded to BB (FD). The rating is assigned to the instrument considered speculative with inadequate protection for interest and principle payments.

The company is involved primarily in the manufacture and trading of fertilisers, apart from producing choloralkalies. The company has defaulted on interest payments for its series VII and on-principle payments for its series VIII of its privately-placed outstanding NCD of Rs 100 crore.