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Strategies & Market Trends : India Coffee House

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To: Mohan Marette who wrote (5121)	7/14/1999 10:29:00 AM
From: Mohan Marette	Read Replies (1) of 12475

Crisil downgrades Essar Oil debt issues Essar Oil Homepage: essar.com Date: 7/14/99 1:22:27 PM Crisil has downgraded Essar Oil Ltd's Rs5.65bn and Rs2bn non-convertible debentures to “D” (indicating default) from “C' (indicating substantial risk). The revised rating indicates that the company has defaulted on the rated instrument as a significant portion of the refinery project remains untied.

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