July 14, 2017 / 3:54 AM / a month ago

India Ratings for Indian debt instruments – Jul 14

    Jul 14 (Reuters) - Below are the ratings awarded by India Ratings and Research Private Ltd
(India Ratings), formerly known as Fitch Ratings India for local debt instruments as of
July 13, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Ingenius E-Commerce             Non-FB WC Fac          IND A3           5        Assigned
Mohit Ventures                  Non-FB WC limits       IND A4           35       Assigned
Macquarie Finance India         ST Issuer Rating       -                -        Withdrawn
Macquarie Finance India         ST CP programme        -                10       Withdrawn
Macquarie Finance India         ST equity linked notes -                3        Withdrawn


LONG TERM RATINGS:
-------------------
Air India                       LT                     IND AAA          81       Affirmed
Akhil Ship Breakers             Issuer rating          IND B            -        Upgraded from
                                                                                 IND B-
Akhil Ship Breakers             Non-FB limit           IND B/A4         300      Upgraded from
                                                                                 IND B-/A4
Hudco’S Bank                    LT Bk loans*           IND AAA          2.5      Assigned
* The final ratings have been assigned following the receipt of executed financing documents.
Ingenius E-Commerce             FB WC Fac              IND BBB- / IND A352.4     Assigned
Ingenius E-Commerce             Proposed FB WC Fac*    Provisional IND  62.6     Assigned
                                                       BBB- / IND A3
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by Ingenius to the satisfaction of Ind-Ra.
Macquarie Finance India         LT Issuer Rating       -                -        Withdrawn
Macquarie Finance India         Principal protected    -                4.31     Withdrawn
                                equity-linked
                                debentures
Macquarie Finance India         Principal protected    -                0.25     Withdrawn
                                equity-linked notes
Mohit Ventures                  TL                     IND B+           140      Assigned
Mohit Ventures                  FB WC limits           IND B+           65       Assigned
Odisha Power Transmission Corp  Long-TL                IND A            5600     Assigned
Pnb Housing Finance             NCDS                   IND AAA          80       Assigned
Pnb Housing Finance             NCDS*                  IND AAA          120      Affirmed
* Includes a sublimit of INR10 billion for sub-debt
Texmaco Rail & Engineering      FB limits              IND AA-/A1+      500      Assigned

-----------------------------------------------------------------------------------------------
Note:- All Indian National-scale ratings previously assigned by Fitch have been transferred to
India Ratings & Research Private Ltd (India Ratings), which is a wholly owned subsidiary of the
Fitch Group. The withdrawn criteria are now available on India Ratings' website at
www.indiaratings.co.in

$: 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

INDIA RATINGS 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; RWN- Rating
Watch Negative;
RWN- Rating Watch Evolve.

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

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