Nov 09, 2005. /Lesprom Network/. CRISIL Ltd. said it had upgraded the rating on a bond issue worth INR 218 million from India's top paper producer, Ballarpur Industries Ltd., to 'AAA(fso)' or 'highest safety' from 'AA+(fso)' or 'high safety'. The Indian rating agency said the upgrade was underpinned by a guarantee on the remaining installments of the bond issue provided by Nederlandse Financierings-Maatschappij voor ontwikkelings landen N.V. (FMO), which is rated 'AAA/stable/A-1+' by Standard and Poor's. "Ballarpur has made timely repayments on obligations relating to the above instrument, and FMO has provided a guarantee on the repayment of the remaining installments," CRISIL said in a statement. BILT is the largest and most respected paper company in India and a leader in the segments of writing and printing paper.