ITI appeals to ICRA on FD downgrade

The Investment Trust of India Ltd (ITI) has appealed to ICRA to review its decision to downgrade ITI's fixed deposit programme.

ICRA, in its annual review, had made a downward revision of the company's FD and had assigned a rating of MA(-). Justifying its appeal, ITI's Managing Director, Mr P. S. Balasubramaniam, has expressed the view that there was, in fact, an improvement in the company's position, collections and NPAs were under control. ICRA is believed to have considered all this and still believed that the company's growth prospects did not appear bright. The rating committee of ICRA will consider ITI's request for a review.