New Delhi, Aug. 28 :     The Credit Rating and Information Service of India Ltd (Crisil) has downgraded Steel Authority of India Ltd?s (SAIL) outstanding bonds programme from BBB to BB due to further deterioration in the financial profile of the company. This is the second time that Crisil has downgraded SAIL?s rating in the current fiscal. The rating assigned to public sector steel giant?s fixed deposit programme too has been downgraded from FA- to FB+. SAIL has a total bonds programme of Rs 2,730 crore. According to Crisil, ?the downgrade reflects the deterioration in the financial profile of SAIL as a result of sustained downturn in the steel industry and large debt-funded capital expenditure programmes.? ?The large cash losses over the last 15 months, continued support to loss-making subsidiaries and delays in government approval for the financial and business restructuring proposals have led to significant increase in in-house leveraging. With continuing cash losses, external support would be necessary for meeting the large debt obligations,? Crisil said. The rating takes into account the steel major?s inherent strength arising out of multi-unit operations, dominant share in the domestic steel industry, its continuously improving operating efficiency and a possible upswing in steel prices. ?Any improvement in SAIL?s long-term credit rating would depend on the nature and speed with which the company?s restructuring programme is undertaken,? the rating agency said. In the first quarter of 1999-2000, SAIL recorded a loss of Rs 600 crore on sales of Rs 3400 crore.