MSEB bonds continue to be under CARE's 'credit watch' Rating agency CARE has retained the BBB (SO) credit rating of Maharashtra State Electricity Board's (MSEB) bonds but has kept it on its 'credit watch' with developing implications on account of the impending unbundling of the state-owned power utility. The rating factors in improvement in overall realisations which aided MSEB in controlling operational losses during FY'04, CARE said in a release here today. However, continued budgetary imbalances, increasing outstanding liabilities and constrained liquidity position of government of Maharashtra continue to be key rating sensitivities, it said.