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

Jaipur Municipal Corporation National LT Issuer Rating
BBB+(ind) Assigned JBF Industries Ltd

NIR A-(ind) Assigned JBF
Industries Ltd FBL-Working Capital
A-(ind) 800 Assigned JK Paper Ltd.

NLTIR A-(ind) Assigned JK
Paper Ltd. Existing LT Bank Loans
A-(ind) 4837.1 Assigned JK Paper Ltd.

Fund-Based Working A-(ind)/

Capital
F1(ind) 1750 Assigned Indian Retail ABS Trust Series
50 PTC Series A2X AAA(ind)(SO) Reaffirmed
Indian Retail ABS Trust Series 50 PTC Series A2Y
AAA(ind)(SO) Reaffirmed Indian Retail ABS Trust Series
50 PTC Series A2Z AAA(ind)(SO) Reaffirmed
Indian Retail ABS Trust Series 50 PTC Series IO-A2
AAA(ind)(SO) Reaffirmed Indian Retail ABS Trust Series
XXI in December 2004 PTC Series A2
AAA(ind)(SO) Reaffirmed India Loan Securitisation
Series VIII Trust 2006 PTC

AAA(ind)(SO) Assigned Indian Bank

Subordinated debt AA(ind) 3000
Reaffirmed Indian Bank NLTR

AA(ind) Assigned Indian Corporate Loan
Securitisation Trust Series XLV's Series A PTCs
BBB+(ind)(SO) 500 Downgraded Indian Infrastructure
Equipments Receivables Trust January 2008 Series A PTCs

AAA (ind)(SO) Assigned Indian Oil Corp. Ltd.

NLTIR AAA(ind)
Assigned Indian Oil Corp. Ltd. LT FCIDR

BBB- Assigned Indian Railway Fin. Corp.

NLTR AAA(ind)
Reaffirmed Indian Railway Fin Corp. LT FCIDR

BBB- Affirmed Indian Retail ABS Trust
Series XIII PTC Series A2, A3 and P AAA(ind)(SO)
Withdrawn India's Dewan Housing Fin. Corp. Ltd NCD

AA(ind) 2000 Reaffirmed Indore Dev. Fund Ltd.

LTD A-(ind)(SO) 500
Assigned Indore Municipal Corporation National LT
Issuer Rating BBB(ind) Assigned IndusInd Bank Ltd.

Upper Tier II Bond A(ind) 1500
Reaffirmed IndusInd Bank Ltd. Upper Tier II
Bond A(ind) 500 Assigned IndusInd Bank Ltd.

Upper Tier 2 Bonds A(ind) 2000
Reaffirmed IndusInd Bank Ltd. Upper Tier 2
Bonds A(ind) 1650 Assigned IndusInd Bank Ltd.

NLTR A(ind)
Downgraded IndusInd Bank Ltd. lower Tier 2
Sub. debt A(ind) 5575 Downgraded IndusInd Bank Ltd.

upper Tier 2 bonds A-(ind) 3650
Downgraded IndusInd Bank Ltd. Subordinated
debt A+(ind) 5575 Reaffirmed IndusInd Bank Ltd.

NLTR A+(ind)
Reaffirmed IndusInd Bank Ltd. Issuer Rating

A+(ind) Reaffirmed Industrial Dev. Bank
of India Ltd Upper Tier 2 AA(ind) 15000
Assigned Industrial Dev. Bank of India Ltd NLTR

AA+(ind) Reaffirmed Industrial Dev. Bank of
India Ltd Lower Tier 2 Debt AA+(ind) 30000
Assigned Industrial Dev. Bank of India Ltd LTFCR

BBB- Reaffirmed Industrial Dev. Bank of
India Ltd Bonds BBB-
Reaffirmed Infrastructure Dev. Fin. Co. Ltd. zero-coupon
bonds AAA(ind) 15000 Reaffirmed Infrastructure
Dev. Fin. Co. Ltd. NLTR AAA(ind)

Assigned Infrastructure Dev. Fin. Co. Ltd. NCD

AAA(ind) 60000 Reaffirmed Infrastructure
Dev. Fin. Co. Ltd. NCD AAA(ind)
35000 Assigned Infrastructure Dev. Fin. Co. Ltd. LTD

AAA(ind) 15000 Assigned Infrastructure
Dev. Fin. Co. Ltd. LTD AAA(ind)
25000 Reaffirmed Infrastructure Dev. Fin. Co. Ltd. Debt

AAA(ind) 30000 Assigned ING Vysya Bank

National Long-term AA+(ind)

Affirmed ING Vysya Bank Subordinated
Lower Tier AA+(ind) 9000 Affirmed

2 Debt Programme ISMT Ltd

LTIR A(ind)

Assigned ISMT Ltd
Secured LT Loans A(ind) 6000 Assigned ISMT
Ltd Cash Credit Limit A(ind)

Assigned ITI Ltd. I
Series LT Bonds AAA(ind)(so)@ 500 ITI Ltd.

J-1 Series LT Bonds D(ind)(SO) 550
Assigned ITI Ltd. J Ser. LT GOI

D(ind)(SO) 1500

Guaranteed Bonds IVRCL
Infrastructures & Projects Issuer Rating
AA-(ind) Assigned IVRCL Infrastructures & Projects

FBL AA-(ind) 6500 Assigned
IVRCL Infrastructures & Projects LT Non-FBL
AA-(ind) 25900 Assigned Jabalpur Municipal Corporation

NLTIR 'BB+(ind) Assigned
Jaiprakash Hydro-Power Ltd. NLTIR
A(ind) Upgraded Jaiprakash Hydro-Power Ltd.

NCD A(ind) 1740 Upgraded
Jaiprakash Hydro-Power Ltd. Long Term Bank Loans
A(ind) 7790 Assigned Jalandhar Amritsar Tollways Ltd.

LT Project Bank Loans BBB(ind) 1570 Assigned
Jalandhar Amritsar Tollways Ltd. Non-Fund Based Exposure
BBB(ind) 78.9 Assigned Jammu & Kashmir Bank

subordinated debt AA(ind) 3000 Reaffirmed
Jammu & Kashmir Bank NLTR
AA(ind) Reaffirmed Jammu & Kashmir Bank Ltd.

subordinated debt AA(ind) 3000 Assigned
Jammu & Kashmir Bank Ltd. Lower Tier 2 Sub. debt
AA(ind) 6000 Assigned Jindal Poly Films Ltd.

NLTR A+(ind) Reaffirmed
Jindal Poly Films Ltd. NCD
A+(ind) 500 Reaffirmed
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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; 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;
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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