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Company News

ICRA ratings for Indian debt instruments-Apr 20

   Apr 20 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of April 17, 2020.


COMPANY                                INSTRUMENT            RATING    AMOUNT  MOVEMENT
                                                                      (RS.MLN)
------                                 ----------            ------    -----   ---------
SHORT TERM RATINGS:
-------------------
Aditya Birla Sun Life Amc Ltd          Aditya Birla Sun Life ICRA A1+mfs -     Reaffirmed
                                       Overnight Fund
Aditya Birla Sun Life Amc Ltd          Aditya Birla Sun Life ICRA A1+mfs -     Reaffirmed
                                       Liquid Fund
Gulbarga Electricity Supply            Non-fund based LOC   ICRA A3     1040   Reaffirmed
Co. Ltd
Hindustan Tin Works Ltd                Non-FBL – LC/BG      ICRA A2     550    -
(downgraded from ICRA A2+)
Hindustan Tin Works Ltd                Unallocated          ICRA A2     50     -
(downgraded from ICRA A2+)
Jindal Steel & Power Ltd               ST non-FB Bk Fac     ICRA A3@    47000  -
(rating placed on watch with negative implication)
@: Placed on rating watch with negative implications 
Jindal Steel & Power Ltd               ST FB Bk Fac         ICRA A3@    12618.7-
(rating placed on watch with negative implication)
@: Placed on rating watch with negative implications 
Mangalore Electricity Supply           Non-FBL              ICRA A2     -      Reaffirmed
Co. Ltd
National Highways Authority Of         Fund based- Overdraft ICRA A1+   20000  outstanding
India
Pride Hotels Ltd                       ST Non-FBL           ICRA A3+    10     Reaffirmed
The Tata Power Co. Ltd                 CP (CP)              ICRA A1+    70000  Withdrawn


LONG TERM RATINGS:
-------------------
Aditya Birla Sun Life Amc Ltd          Aditya Birla Sun Life ICRA AAAmfs -     Reaffirmed
                                       Corporate Bond Fund
Aditya Birla Sun Life Amc Ltd          Aditya Birla Sun Life ICRA AAAmfs -     Reaffirmed
                                       Income Fund
Aditya Birla Sun Life Amc Ltd          Aditya Birla Sun Life ICRA AAAmfs -     Reaffirmed
                                       Bking & PSU Debt Fund
Aditya Birla Sun Life Amc Ltd          Aditya Birla Sun Life ICRA AAAmfs -     Reaffirmed
                                       Money Manager Fund
Aditya Birla Sun Life Amc Ltd          Aditya Birla Sun Life ICRA AAAmfs -     Reaffirmed
                                       Savings Fund
Aditya Birla Sun Life Amc Ltd          Aditya Birla Sun Life ICRA AAAmfs -     Reaffirmed
                                       Low Duration Fund
Aditya Birla Sun Life Amc Ltd          Aditya Birla Sun Life ICRA AAAmfs -     Reaffirmed
                                       Floating Rate Fund
Aditya Birla Sun Life Amc Ltd          Aditya Birla Sun Life ICRA AA-mfs -      -
                                       ST Fund
(Reaffirmed and removed from rating watch with negative implications)
Bestech Hospitalities Pvt Ltd          Fund Based – TL      ICRA BBB+   1752.8 -
(Reaffirmed and , outlook revised to Negative from (Stable))
Bestech Hotels Pvt Ltd                 TL                   ICRA BBB    460    -
                                                            (CE)
(Reaffirmed and , outlook revised to Negative from (Stable))
Bestech Hotels Pvt Ltd                 Non fund based       ICRA BBB    50     -
                                                            (CE)
(Reaffirmed and , outlook revised to Negative from (Stable))
Flexituff Ventures                     Non Submission of No -           -      -
International Ltd                      Default Statement
                                       (NDS)
(ICRA has moved the rating of Supreme Flexituff Ventures International Limited to the ‘ISSUER
NOT COOPERATING’ category due to non submission of monthly ‘No Default Statement’ (“NDS”) by the
entity. )
Gulbarga Electricity Supply            FB TL                ICRA BBB-   6832.8 -
Co. Ltd
(reaffirmed and outlook revised to Negative from (Stable))
Gulbarga Electricity Supply            FB Overdraft         ICRA BBB-   1000   -
Co. Ltd
(reaffirmed and outlook revised to Negative from (Stable))
Hindustan Tin Works Ltd                TL                   ICRA BBB+   374.4  -
                                                            (Negative)
(Downgraded from ICRA A-(Negative))
Hindustan Tin Works Ltd                FB Working Capital   ICRA BBB+   990    -
                                       Limits               (Negative)
(Downgraded from ICRA A-(Negative))
Hindustan Tin Works Ltd                Unallocated          ICRA BBB+   435.6  -
                                                            (Negative)
(Downgraded from ICRA A-(Negative))
Jindal Steel & Power Ltd               LT FB Bk Fac         ICRA BBB-@  153577.-
(rating placed on watch with negative implication)
@: Placed on rating watch with negative implications
Jindal Steel & Power Ltd               LT non-FB Bk Fac     ICRA BBB-@  11000  -
(rating placed on watch with negative implication)
@: Placed on rating watch with negative implications
Jindal Steel & Power Ltd               NCDs                 ICRA BBB-@  14472  -
(rating placed on watch with negative implication)
@: Placed on rating watch with negative implications
Jindal Steel & Power Ltd               LT/ST Unallocated    ICRA BBB-@  27500  -
                                                            / ICRA A3@
(rating placed on watch with negative implication)
@: Placed on rating watch with negative implications
Jop Hotels Ltd                         TL                   ICRA BBB-   350    -
(Reaffirmed and , outlook revised to Negative from (Stable))
Mangalore Electricity Supply           Fund based - TL      ICRA BBB+   12750  Reaffirmed
Co. Ltd                                                     (Stable)
Mangalore Electricity Supply           Fund based – Overdraft ICRA BBB+  4000   Reaffirmed
Co. Ltd                                                     (Stable)
National Highways Authority Of         LT Borrowing         ICRA AAA    650000 outstanding
India                                  Programme for 2020-21(Stable)
National Highways Authority Of         LT Borrowing         ICRA AAA    612170 outstanding
India                                  Programme for 2018-19(Stable)
National Highways Authority Of         LT Borrowing         ICRA AAA    505330 outstanding
India                                  Programme for 2017-18(Stable)
National Highways Authority Of         LT Borrowing         ICRA AAA    275450 outstanding
India                                  Programme for 2016-17(Stable)
                                       (excluding 54 EC Bonds)
National Highways Authority Of         54 EC Bonds under the ICRA AAA    -     Withdrawn
India                                  LT Borrowing         (Stable)
                                       Programme for 2016-17
National Highways Authority Of         Tax-free Bonds –     ICRA AAA    190000 outstanding
India                                  2015-16              (Stable)
Pride Hotels Ltd                       TL                   ICRA BBB    1754.7 Reaffirmed
(outlook revised to Negative from (Stable))
Pride Hotels Ltd                       LT FB Limits         ICRA BBB    160    Reaffirmed
(outlook revised to Negative from (Stable))
Prime Urban Development India          LT and ST FBL        ICRA B-     210    Assigned
Ltd                                                         (Stable) /
                                                            ICRA A4
S V Creditline Ltd                     NCD Programme        ICRA BBB-   230    -
(Reaffirmed and outlook revised to Negative from (Stable))
S V Creditline Ltd                     Bk Lines             ICRA BBB-   550    -
(Reaffirmed and outlook revised to Negative from (Stable))
S V Creditline Ltd                     Subordinated Debt    ICRA BBB-   100    -
                                       Programme
(Reaffirmed and outlook revised to Negative from (Stable))
Shriram Transport Finance Co.          Sansar Trust March   Provisional 3584.9 Assigned
Ltd                                    2020 - PTC Series A1 ICRA AAA(SO)
Shriram Transport Finance Co.          Sansar Trust March   Provisional 1434.1 Assigned
Ltd                                    2020 - PTC Series A2 ICRA AAA(SO)
Shriram Transport Finance Co.          Sansar Trust March   Provisional 501.9  Assigned
Ltd                                    2020 - Second Loss   ICRA
                                       Facility             BBB+(SO)
Sprng Energy Pvt. Ltd.                 LT - Non-FB Fac      ICRA A-     6000   Reaffirmed
                                                            (Stable)
(Reaffirmed and outlook revised to Negative from (Stable))
Sprng Solren Pvt Ltd                   TL                   ICRA BBB+   600    Reaffirmed
                                                            (Negative)
Sprng Transform Sun Energy Pvt         TL                   ICRA BBB    5381.1 Reaffirmed
Ltd                                                         (Negative)
Sprng Transform Sun Energy Pvt         CC                   ICRA BBB    400    Reaffirmed
Ltd                                                         (Negative)
The Tata Power Co. Ltd                 NCD (NCD) Programme  ICRA AA-    -      Withdrawn
                                                            (Stable)
The Tata Power Co. Ltd                 NCD (NCD) Programme  ICRA AA-    2310   Withdrawn
                                                            (Stable)
--------------------------------------------------------------------------------------------
$: 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@refinitiv.com)
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