Mumbai, Sept. 18 -- The agency has downgraded the short-term (ST) rating to 'Crisil A1' from 'Crisil A1+'.

Crisil Ratings stated that the rating action follows the agency's expectations that CSL's performance would continue to remain under pressure in the near term, due to weak realizations of suspension polyvinyl chloride (S-PVC, 60% of CSL's revenues) and paste PVC, leading to lower than anticipated operating profits.

While the final anti-dumping duty (ADD) was announced on paste PVC for five years in March 2025 (provisional ADD imposed between July-December 2024), cheaper imports from Europe and Japan, which were excluded in the countries where ADD was applied, continued and impacted domestic realizations.

Further, final findings on...