October 12, 2016 / 4:41 AM / a year ago

India Ratings for Indian debt instruments - Oct 12

Oct 12 (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
October 10, 2016.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Sterlite Power Grid Ventures    CP programme           IND A1           1000     Outlook Stable
Tata Steel                      CP                     IND A1+          60000    Rating Watch
Tata Steel                      Non-FB limits          IND A1+          5000     Rating Watch
Ganesha Ecosphere               TL                     IND BBB+         1089.4   Withdrawn
Ganesha Ecosphere               FB WC lim              IND BBB+         800      Withdrawn
                                                       (suspended) /
                                                       IND A2+ (suspended)
Ganesha Ecosphere               Non-FB limit           IND BBB+         58       Withdrawn
                                                       (suspended) /
                                                       IND A2+ (suspended)
Gateway Distriparks             Long-TL                IND AA-          650      Affirmed
Gateway Distriparks             FB WC limits           IND AA-/ A1+     300      Affirmed
Gateway Distriparks             Non-FB WC limits       IND AA-/ A1+     750      Affirmed
Gateway Railfreight             TL                     IND AA-          2908     Affirmed
Gateway Railfreight             FB WC limits           IND AA-/ A1+     150      Affirmed
Gateway Railfreight             Non-FB WC limits       IND AA-/ A1+     955      Affirmed
Mehul Construction Company      FB WC facilitie        IND B+/ A4+      90       Assigned
Oppo Mobiles India              NCD (NCD               IND BB           7000     Assigned
Shree Shyam Pulp And Board MillsTL                     IND D            3427.5   Withdrawn
Shree Shyam Pulp And Board MillsFB limits              IND D            2559.8   Withdrawn
Shree Shyam Pulp And Board MillsNon-FB limits          IND D            700      Withdrawn
Sterlite Power Grid Ventures    NCD                    IND A            3000     Outlook Stable
Sterlite Power Grid Ventures    Non-FB WC facilitie    IND A/ A1        4000     Outlook Stable
Sterlite Power Grid Ventures    FB WC faciliti         IND A/ A1        5000     Outlook Stable
Tata Steel                      NCD                    IND AA           21510    Rating Watch
Tata Steel                      NCD                    IND AA           4170     Rating Watch
Tata Steel                      LT debt                IND AA           28490    Rating Watch
Tata Steel                      Fund Based CC Limits   IND AA           15000    Rating Watch
Tata Steel                      FBL                    IND AA/ A1+      245      Rating Watch
Tata Steel                      Non-FB limits          IND AA/ A1+      81600    Rating Watch
Tata Steel                      WC Limits              IND AA/ A1+      -        Rating Watch
Truvalue Agro Ventures          FB WC facilitie        IND BB+ / A4+    20       Assigned
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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