energy company have different ratings with the airport company rated a few notches higher than power producing company due to better cash flow contractual arrangements and the nature of the counterpartiesthus they argue that if rating companies can give a higher rating or assign a lower risk based on these elements so can a bankbut rbi which has been sceptical of the style and functioning of some of the rating agencies on various occasions prefers a more conservative approach according to sources the central bank in the course of annual audits of rating companies has been raising eyebrows at the practice of giving a higher rating to a company whose financials arent rosy but the present cash flow is comfortabledespite accumulated losses an infra company can still have a decent rating if the contractual agreements are strong there is stable annuity flow from a road project or the fuel supply deal is in place etc but rbi has had its reservations about such an approach though this was never mentioned in the final inspection reports rbi officers have verbally raised these issues during the audit said an industry officialwith such a regulatory stance rbis reluctance to relax capital regulations for infrastructure is probably understandable as risk weights to loans could vary from bank to bank under the proposed system as against the present regulation where risk weights to various kinds of loans are prescribed by the regulator but in the absence of any ready model to bankroll infrastructure projects and loan offtake from large manufacturers yet to pick up corporate borrowers as well as stateowned undertakings could try to figure out ways to tweak rules feel bankers an rbi spokesman did not respond to queries from et