Long-term debt programs of Indian firms rated by FITCH:Part III

Variegate Projects Pvt. Ltd. NLTR
BBB-(ind) Assigned Variegate Projects Pvt. Ltd.

FB WCL BBB-(ind) 200 Assigned
Variegate Projects Pvt. Ltd. NFB WCL
BBB-(ind) 640 Assigned Varun Shipping Company Ltd

National LT rating A(ind) Downgraded
Varun Shipping Company Ltd LT Bank Loans
A(ind) 22370 Downgraded Varun Shipping Company Ltd

LT Bank Loans A(ind) 8469 Downgraded
Vedanta Resources Unsec Unsubordinate Bond
BB+ 1250 Reaffirmed Vedanta Resources

Unsecured Bonds BB+ 600 Reaffirmed
VHB Lifesciences Ltd. NLTR
BBB-(ind) Reaffirmed VHB Lifesciences Ltd.

LT Loans BBB-(ind) 43 Reaffirmed
VHB Lifesciences Ltd. Fund Based WC Limit
BBB-(ind) 950 Reaffirmed Videocon Industries Ltd

Issuer Rating A-(ind) Assigned
Videocon Industries National LongTerm
A-(ind) Reaffirmed Videocon Industries

Long Term Loan A-(ind) 44308 Reaffirmed
Videocon Industries' Fund Based WC
A-(ind)/ 4500 Reaffirmed F1(ind) Videocon Industries'

Non Fund Based WC A-(ind)/ 6980
Reaffirmed F1(ind) Videocon Industries'
Fungible WC A-(ind)/ 2520 Reaffirmed
F1(ind) Vinayaka Missions University National LongTerm

BBB+(ind) Assigned Vinayaka Missions
University Term Loan BBB+(ind)
1025.47 Assigned Vinayaka Missions University Overdraft

BBB+(ind) 405 Assigned Vinayaka Missions
University Non Fund Based WC BBB+(ind) /F2(ind)

279.8 Assigned Viramgam Mahesana Project Ltd.
Secured NCD AA+(ind) 950 Withdrawn
Viramgam Mahesana Project Ltd. NCD
AA-(ind) 630 Withdrawn Wanbury Ltd.

LT Loans BB+ 2852 Downgraded
Wartsila India Ltd National Long Term Rating
AA-(ind) Downgraded Wartsila India Ltd

Cash credit limits AA-(ind) 50 Downgraded
Wartsila India Ltd Guarantee limits
AA-(ind)/ F1+(ind) 500 Downgraded Wanbury Ltd.

Cash Credit BB+ 410
Downgraded Water & Sanitation Pooled Fund Series II Bond
Issue AA(ind)(so) 450 Assigned Water & Sanitation
Pooled Fund Series I Bond Issue AA(ind)(so) 304.1
Assigned West Bengal Infrastructure Dev Fin Series 2007-08
bonds A(ind)(SO) 10000 Assigned West Bengal
Infrastructure Dev Fin Ser 2004-05/2005-06 bonds A(ind)(SO)
10000 Assigned Whirlpool of India Limited INR1250
Mln Secured NCR

Debenture Series-II Pgm
AAA(ind)(so) Withdrawn Wipro Ltd.

National LT rating AAA(ind) Withdrawn
Wipro Ltd. NCD
AAA(ind) Withdrawn Wockhardt Ltd

National LT Rating A(ind) Downgraded
Wockhardt Ltd LT NCD
A(ind) 2000 Downgraded Wockhardt Ltd

LTL/FB Cash Credit A(ind) 2500 Downgraded
Wockhardt Ltd. NLTR
BBB(ind)@ Downgraded Wockhardt Ltd

NLTIR D Downgraded
Wockhardt Ltd. LT NCD
BBB(ind) 2000 Downgraded Wockhardt Ltd.

LT Loans BBB(ind) 2500 Downgraded
Wockhardt Ltd. Fund Based Cash Credit
BBB(ind) 2500 Downgraded Xenitis Infotech Ltd.

NLTIR BBB(ind) Assigned
Xenitis Infotech Ltd. LT Bank Loans
BBB(ind) 90 Assigned Xenitis Infotech Limited

FBL WC BB+(ind) 1600 Downgraded
Xenitis Infotech Limited National LT
BB+(ind) Downgraded Xerox India Ltd

National Long-term rating A(ind) Assigned
Xerox India Ltd Fund and Non FB limits
A(ind)/ F1(ind) 100 Assigned Xpro India Ltd.

National Long-term Rating BBB-(ind)
Affirmed Xpro India Ltd. FBT WC

BBB-(ind)/ 308.5 Affirmed F3(ind) 308.5
Assigned XPRO India Ltd. Term Loans

BBB-(ind) 267.3 Assigned Zion Steel Ltd

FB WC bank facilities B+ (ind) 62
Assigned Zion Steel Ltd Term Loan
Facilities B+ (ind) 364 Assigned
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-----------------------------#: Rating Watch with Developing
implications @: Rating Watch with Negative Implications %:
Rating under Credit Watch wd -Rating Stands Withdrawn sp
-Rating Suspended CCPS-Cumulative Convertible Preference Share;
CPS-convertible preference shares; DDB-Deep Discount Bond;
EPBI-Exchange premium bond; FRB/FRN-Floating Rate Bond/Note;
FRD-floating rate debentures; LS-Loss Severity; MOCD-multiple
option convertible debenture; MTN-medium term notes; NCB-
non-convertible bond; NCD(SO)-Non Convertible
Debenture-(Structured Obligation); NCD-Non- Convertible
Debenture; NCRB-Non Convertible Redeemable Bonds; NM-Not
Meaningful; OCD- optionally convertible debenture;
OFCD-Optionally Fully Convertible Debenture; PCD- Partially
Convertible Debenture; PCN-partly convertible notes;
POCD-partly optional convertible debentures; PP-privately
placed; PS-Preference Shares; PTC-Pass Through
Certificates;RWE-Rating Watch Evolving;RPS-Redeemable
Preference Shares; SCPN-secured convertible preference notes;
SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio;
SPN-secured premium notes; TB-Taxable Bond; TFB-Tax Free Bond;
TOCD-triple option convertible debentures; LTCD-Long Term
Convertible Debenture; NIR-National Issuer Rating;
NLTR-National Long Term Rating; NLTIR-National Long Term Issuer
Rating; FCIDR-Foreign Currency Issuer Default Rating;
NIFS-National Insurer Financial Strength; FBL-Fund Based Bank
Limits; WC-Working Capital.
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----------------------------- (Mumbai Rate Reporting Unit, +91
22 6636 9222, rru.data@reuters.com)