India Ratings, a Fitch Group company, has downgraded India's leading hybrid seed producer and retailer Maharashtra Hybrid Seeds Company (Mahyco) due to a recent ban imposed by the government of Maharashtra. The rating has been lowered to ”negative” from ”stable” earlier. The outlook revision reflects India Ratings' view that continuation and possible proliferation of regulatory road blocks may disrupt Mahyco's revenue cycle and pressurize its operating profitability, which in turn could negatively impact its credit profile.