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Chennai Feb. 20 Crisil, a rating agency, has revised downwards a clutch of Tamil Nadu Government guaranteed bonds issued by public sector agencies following "deterioration in the economic management by the Government of Tamil Nadu."

According to rating releases issued by Crisil, the bonds that have been revised downwards are: Tamil Nadu Electricity Board's Rs 115-crore bonds and the Rs 500-crore bonds which have been rated A(so)/stable (revised from A+(so), removed from rating watch with negative implications).

Tamil Nadu Industrial Development Corporation's Rs 389-crore bonds and the Chennai Metropolitan Water Supply and Sewerage Board's Rs 50-crore bond and Rs 42-crore bond have been downward revised to AA-(so)/stable (from AA(so), removed from rating watch with negative implications).

The downward revision is based on the deterioration in the economic management by the State Government, according to Crisil. This follows the implementation of electoral promises, which is reflected in the current reversal of fiscal reforms and slowdown in fiscal consolidation.

The release said Crisil has placed the ratings on rating watch with negative implications after the State Government announced its intention to implement various promises.

More Stories on : Govt Bonds | Credit Rating | Tamil Nadu

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