New Delhi, July 15: Credit rating agency ICRA has assigned 'MAA' rating, indicating high safety, to the fixed deposit programme of Rane Engine Valves (REVL). The rating assigned to the five crore rupee commercial paper programme of the company has also been retained at 'A1+', indicating highest safety in the short term, ICRA said in a statement.
The ratings were supported by REVL's established market position in engine valves, guides and crankshafts with engine valves, which contributed 86 per cent of REVL's turnover in 2002-03, it said.

ICRA said the company maintained leadership position in original equipment and replacement markets, aided by a technology tie-up with US-based TRW Inc., which also holds a 10 per cent stake in REVL.
The company caters to a large number of automotive industries - cars, commercial vehicles, two-wheelers and tractors - resulting in low concentration risk and insulation from recession in any particular segment, it said. Bureau Report