April 7, 2017 / 10:23 AM / 3 months ago

ICRA ratings for Indian debt instruments-Apr 7

9 Min Read

    Apr 7 (Reuters) - Below are the ratings awarded by Investment Information Credit Rating
Agency Ltd. (ICRA) for local debt instruments as of April 6, 2017.


COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Bharti Airtel Ltd                       CP                    ICRA A1+     15000   Assigned
Bharti Airtel Ltd                       CP                    ICRA A1+     30000   Outstanding
Gokak Textiles Ltd                      ST FBL                ICRA A4      200     Revised from
                                                                                   ICRA D
Power Finance Corporation Ltd           ST borrowing          ICRA A1+     100000  Assigned
                                        programme FY2018
VE Commercial Vehicles Ltd              CP                    ICRA A1+     1000    Reaffirmed


LONG TERM RATINGS:
-------------------
Bharti Airtel Ltd                       Working Capital LimitsICRA AA+     22500   Outstanding
Bharti Airtel Ltd                       Working Capital LimitsICRA AA+     2500    Outstanding
Bharti Airtel Ltd                       TL                    IrAA+        46000   Outstanding
Dante Ifmr Capital 2016                 PTC Series A2         ICRA BBB-    11.5    Downgraded
                                                                                   from ICRA BBB
Dante Ifmr Capital 2016                 PTC Series A1         ICRA BBB+    511.3   Downgraded
                                                                                   from ICRA A-
Electronic Payment & Services           TL                    ICRA BBB     590     Reaffirmed
Pvt Ltd
Gokak Textiles Ltd                      TL                    ICRA B+      97.9    Revised from
                                                                                   ICRA D
Gokak Textiles Ltd                      LT FBL                ICRA B+      1371.5  Revised from
                                                                                   ICRA D
Goldstein Ifmr Capital 2016             PTC Series A2         ICRA B       41      Downgraded
                                                                                   from ICRA BBB
Goldstein Ifmr Capital 2016             PTC Series A1         ICRA BBB     761.7   Downgraded
                                                                                   from ICRA A
Haldiram Products Pvt Ltd               FBL                   ICRA A-      165     Assigned /
                                                                                   outstanding
Kurlon Ltd                              TL                    ICRA A-      200     Assigned
Moses Ifmr Capital 2016                 PTC Series A2         ICRA BB      72.6    Downgraded
                                                                                   from ICRA BBB
Moses Ifmr Capital 2016                 PTC Series A1         ICRA BBB     1349.9  Downgraded
                                                                                   from ICRA A
Napoleon Ifmr Capital 2016              PTC Series A1         ICRA A-      2634.9  Downgraded
                                                                                   from ICRA A+
Napoleon Ifmr Capital 2016              PTC Series A2         ICRA BBB     57.9    Downgraded
                                                                                   from ICRA A-
Oceania Ifmr Capital 2016               PTC Series A3         ICRA BB      205.6   Downgraded
                                                                                   from ICRA BBB
Oceania Ifmr Capital 2016               PTC Series A1         ICRA BBB+    2077.5  Downgraded
                                                                                   from ICRA A
Oceania Ifmr Capital 2016               PTC Series A2         ICRA BBB+    1747.2  Downgraded
                                                                                   from ICRA A
Power Finance Corporation Ltd           LT borrowing          ICRA AAA     410000  Assigned
                                        programme FY2018
Raphael Ifmr Capital 2016               PTC Series A2         ICRA BBB-    20.6    Downgraded
                                                                                   from ICRA
                                                                                   BBB+
Raphael Ifmr Capital 2016               PTC Series A1         ICRA BBB+    370.2   Downgraded
                                                                                   from ICRA A
Samrat Sea Brines Pvt Ltd               CC                    ICRA D       27.5    Reaffirmed
Samrat Sea Brines Pvt Ltd               TL                    ICRA D       42.5    Reaffirmed
Samrat Sea Brines Pvt Ltd               Unallocated limits    ICRA D       40      Reaffirmed
Shubh Motors Pvt Ltd                    FB – LT               ICRA BB-     300     Assigned
Smith Ifmr Capital 2016                 PTC Series A2         ICRA BB      53.8    Downgraded
                                                                                   from ICRA BBB
Smith Ifmr Capital 2016                 PTC Series A1         ICRA BBB     1000    Downgraded
                                                                                   from ICRA A
Syme Ifmr Capital 2016                  PTC Series A1         ICRA BB      500     Downgraded
                                                                                   from ICRA A-
Syme Ifmr Capital 2016                  PTC Series A2         ICRA BB      15.8    Downgraded
                                                                                   from ICRA BBB
VE Commercial Vehicles Ltd              FB Fac                ICRA AA+     2010    Reaffirmed
VE Commercial Vehicles Ltd              Non-FB Fac            ICRA AA+     1080    Reaffirmed
VE Commercial Vehicles Ltd              Fund based/Non FB Fac ICRA AA+     1690    Reaffirmed

--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

ICRA may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222 , E-mail at
rru.data@thomsonreuters.com)

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