New Delhi, June 10 :     Icra has downgraded the credit rating of Steel Authority of India Ltd?s (SAIL) short, medium and long term debt programmes. The rating outlook has been lowered to LBBB+, MA- and A3+ from LA, MA+ and A1 respectively. The long-term rating denotes moderate safety while the medium-term and short-term ratings denote adequate safety. Coming on the heels of a downgrade by Crisil, this is seen as a major blow to the steel major. Icra said the downgrade reflects rapid deterioration in SAIL?s financial health and continuous downturn in the Indian steel industry. Compared with a profit of Rs 133 crore in 1997-98, SAIL reported a loss of Rs 1,574 crore in 1998-99. Icra also predicted the steel major will have to borrow further to meet its repayment obligations. The huge loss was because of shrinking markets, both domestic and international, leading to lowering of prices, and higher interest and depreciation charges arising from capitalisation of modernisation programmes and merger of SAIL?s loss making subsidiary?Visvesvaraya Iron & Steel Company Ltd. The agency said: ?Declining profitability coupled with high gearing levels has put pressure on SAIL?s coverage indicators.??