The credit rating agency, Icra, has assigned the highest safety 'A1+' rating to the Rs. 15-crore commercial paper programme of Tata Refractories market. The rating indicated highest safety in the short term and took into account TRL's position as the largest player in the domestic refractories market. The rating took TRL's diversified portfolio of products, its strength in the global markets, particularly with respect to Dolomite and Silica refractory products, and the advantages of being a subsidiary of Tata iron and Steel Company, which  is also the primary customer the company. However, TRL would continue to be vulnerable to the cyclicity of the steel industry despite its initiatives to diversify into other consuming industries.