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India Ratings for Indian debt instruments – Mar 15
March 15, 2017 / 6:25 AM / 9 months ago

India Ratings for Indian debt instruments – Mar 15

    Mar 15 (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
March 14, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Bay Datacom Solutions           Non-FB WC              IND A4+          150      Affirmed
Innoven Capital India           CP                     IND A1+          750      Affirmed
Mahindra Bebanco                CP*                    IND A1+          400      Affirmed
*Yet to be issued
Pratibha Syntex Ltd             Non-FB WC facility     IND A3           300      Assigned
Prince S.W.R Systems Pvt Ltd    Non-FB limit           IND A3           117.7    Assigned
Sravins Instruments And Systems Non-FB Fac             IND A4           60       Assigned

Bay Datacom Solutions           FB WC                  IND BB+          80       Affirmed
Danu Wind Parks                 TL                     IND BBB-         1170     Assigned
Ennore Tank Terminals           Bk loans               IND AA           2850     Upgraded from
                                                                                 IND AA-
Ennore Tank Terminals           WC Fac                 IND AA           500      Upgraded from
                                                                                 IND AA-
Indira Priyadarshini Hydro PowerTL                     IND D            238.4    Downgraded
                                                                                 from IND B
Innoven Capital India           Bk loans               IND AA-          3750     Affirmed
Maharashtra Airport Development NCDs                   IND A-           1500     Assigned
Company Ltd
Pratibha Syntex Ltd             TL                     IND BBB-         3329.8   Assigned
Pratibha Syntex Ltd             FB WC facility         IND BBB- /IND A3 2700     Assigned
Sravins Instruments And Systems TL                     IND B+           6.78     Assigned
Sravins Instruments And Systems FB Fac                 IND B+ / IND A4  30       Assigned
Tamil Nadu Generation And       Bond*                  IND A(SO)        505      Assigned#
Distribution Corporation Ltd
*part of INR7.147 billion bond programme which is part of INR40 billion bond programme 
#converted from provisional rating based on the closure of the issue upon the receipt of final
documentation, conforming to the information already received by Ind-Ra. 
Tamil Nadu Generation And       Bond*                  WD               6642     Withdrawn 
Distribution Corporation Ltd
*part of INR7.147 billion bond programme which is part of INR40 billion bond programme
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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