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India Ratings for Indian debt instruments – Mar 27
March 27, 2017 / 4:15 AM / 8 months ago

India Ratings for Indian debt instruments – Mar 27

    Mar 27 (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 24, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Dev Motors Pvt Ltd              FBL                    IND A4+          143      Affirmed
Mauli Metal Industries Pvt Ltd  Non FB Fac             IND A3           20       Assigned
Omega Marketing Pvt Ltd         FBL                    IND A4+          80       Affirmed

Dev Motors Pvt Ltd              FBL                    IND BB+          143      Upgraded from
                                                                                 IND BB
Dewas Tollways Ltd              Bk Loan                IND D            5861.07  Downgraded
                                                                                 from IND BB+
(Reduced from INR6,261.3)
India Standard Loan Trust - XxiiLiquidity facility (LF)IND AAA(SO)      10       Affirmed
India Standard Loan Trust - XxiiSeries A1 pass-through IND AAA(SO)      285.8    Affirmed
                                certificates (PTCs)
India Standard Loan Trust - XxiiSeries A2 pass-through IND AAA(SO)      358.4    Affirmed
                                certificates (PTCs)
India Standard Loan Trust - XxiiSecond loss credit     IND BBB(SO)      67.2     Affirmed
                                facility (SLCF)
Mauli Metal Industries Pvt Ltd  LT loans               IND BBB-         18       Assigned
Mauli Metal Industries Pvt Ltd  FB Fac                 IND BBB-/IND A3  185      Assigned
Mm Trust Nov 14 I               Series A pass-through  IND AA+          124.6    Affirmed
                                certificates (PTCs)
Omega Marketing Pvt Ltd         FBL                    IND BB+          80       Upgraded from
                                                                                 IND BB
Platinum Trust - Dec 2014       Second loss credit     IND A(SO)        90.1     Affirmed
                                facility (SLCF)
Platinum Trust - Dec 2014       Series A PTC (PTCs)    IND AAA(SO)      482.2    Affirmed
Qualit Agro Processors          Long-TL                IND B+           11.6     Assigned
Qualit Agro Processors          FB WC limits           IND B+/IND A4    215.6    Assigned
Ratnakar Ispat India Pvt Ltd    Long- TL               IND B+           97       Affirmed
(reduced from INR125.6)
Ratnakar Ispat India Pvt Ltd    FB WC limits           IND B+           100      Affirmed
Visvesvaraya Jala Nigam Ltd     Proposed TL*           IND AA-          3000     Assigned
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by VJNL to the satisfaction of Ind-Ra.
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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