February 28, 2017 / 5:04 AM / 9 months ago

India Ratings for Indian debt instruments – Feb 28

    Feb 28 (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
February 27, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Chabbra’S Associates            Non-FB limits          IND A4+          200      Affirmed
Pallavi Motors Pvt Ltd          Non-FB limits          IND A4+          25       Affirmed
Chabbra’S Associates            FB limits              IND BB           135      Affirmed
Kla Foods (I) Ltd               FB WC limits           IND BBB- /IND A3 100      Assigned
National Housing Bank           ST Bk loan programme   WD               25       Withdrawn (due
                                                                                 to maturity)

National Housing Bank           LT debt programme      IND AAA          10.5     Affirmed
(reduced from 70 MLN)
National Housing Bank           LT debt programme      WD               127.6    Withdrawn (due
                                                                                 to maturity)
National Housing Bank           LT fixed-deposit       WD               10       Withdrawn (due
                                programme                                        to maturity)
National Housing Bank           LT Bk loan programme   WD               25       Withdrawn (due
                                                                                 to maturity)
Pallavi Motors Pvt Ltd          FB limits              IND BB+          103      Affirmed
Pallavi Motors Pvt Ltd          LT loans               IND BB+          30       Assigned
Seagull Trust I                 Series A1 pass-through IND AA+ (SO)     2047.7   Provisional
                                certificates (PTCs)
Shetron Ltd                     LT loans               IND D            438.31   Downgraded
(reduced from 550 MLN)
Shetron Ltd                     FB Fac                 IND D / IND D    287.5    Downgraded
Shetron Ltd                     Non-FB Fac             IND D /IND D     370      Downgraded
(reduced from 372.5 MLN)
Tata Power Co. Ltd              LT Issuer Rating       IND AA                    Assigned
Winsome International Ltd       FB limit               IND D /IND D     160      Downgraded

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

$: 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

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

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