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India Ratings for Indian debt instruments – Jun 19
June 19, 2017 / 3:57 AM / 6 months ago

India Ratings for Indian debt instruments – Jun 19

    Jun 19 (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
June 16, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Ashish Infracon Pvt Ltd         Non-FB WC limits       IND A3           600      Assigned

Ashish Infracon Pvt Ltd         FB WC limits           IND BBB-/        100      Assigned
                                                       IND A3   
Jk Paper Ltd                    TL                     IND A-           9292.2   Upgraded from
                                                                                 IND BBB+
(reduced from INR11,447.3)
Jk Paper Ltd                    Proposed NCDs*         IND A-           2000     Upgraded from
                                                                                 IND BBB+
Jk Paper Ltd                    FB WC limits           IND A-/          2500     Upgraded from
                                                       IND A1                    IND BBB+/
                                                                                 IND A2+
(reduced from INR2,700)
Jk Paper Ltd                    Non-FB WC limits       IND A-/          3700     Upgraded from
                                                       IND A1                    IND BBB+/
                                                                                 IND A2+
(increased from INR3,500)
Jk Paper Ltd                    Term deposit           IND tA           300      Upgraded from
                                                                                 IND tA-
Mahindra & Mahindra Financial   NCD*                   IND AAA          15000    Assigned
Services Ltd
* yet to be raised
Pune Municipal Corporation      Proposed NCDs* (NCDs)  IND AA+          2000     Assigned
*The final rating will be assigned upon the issuance of NCDs and receipt of transaction
documents by the agency.
Pune Municipal Corporation      BL                     WD               1048.2   Withdrawn 
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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