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India Ratings for Indian debt instruments – May 17
May 17, 2017 / 6:12 AM / 7 months ago

India Ratings for Indian debt instruments – May 17

    May 17 (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
May 16, 2017.

COMPANY                         INSTRUMENT             RATING        AMOUNT    MOVEMENT
                                                                     (RS.MLN) 
------                          ----------             ------       ------     ---------
SHORT TERM RATINGS: 
-------------------
Citycom Networks Pvt Ltd        Non-FB limits*         IND A3           30       Assigned
(reduced from INR80) 
* The final ratings were assigned based on the sanction letters provided by CNPL to Ind-Ra.

Citycom Networks Pvt Ltd        Proposed non-FB        IND A3           20       Assigned
                                limits**
** The ratings are provisional and shall be confirmed upon the sanction 
 and execution of loan documents for the above facilities
 by CNPL to the satisfaction of Ind-Ra.
Demandshore Solutions Pvt Ltd   Non FB Fac             IND A4           20       Upgraded 
                                                                                 from
                                                                                 IND D
Demandshore Solutions Pvt Ltd   Proposed non FB Fac*   Provisional IND  10       Upgraded 
                                                       A4                        from
                                                                                 IND D
* The ratings are provisional and shall be confirmed upon the sanction 
 and execution of loan documents for the above facilities 
 by DSPL to the satisfaction of Ind-Ra.
Lekcon Infrastructure Pvt Ltd   Non-FB WC limits       IND A3+          580      Upgraded
Lekcon Infrastructure Pvt Ltd   Proposed non-FB WC     Provisional IND  100      Assigned
                                limits*                A3+
* The above ratings are provisional and shall be confirmed upon the sanction 
 and execution of loan documents for the above facilities 
 by Lekcon to the satisfaction of Ind-Ra.
Mascom Steel India Pvt Ltd      Proposed non-FB WC     Provisional IND  100      Assigned
                                limits                 A4
Southern Auto Products          Non-FB limit           IND A4           60       Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
Sri Satya Sai Infrastructure    Non-FB WC              IND A4           250      Migrated to
Pvt Ltd                                                                          Non -
                                                                                 Cooperating 
                                                                                 Category

LONG TERM RATINGS:
-------------------
Adani Wind Energy (Gujarat) Pvt Senior Bk loan         IND BBB          1440     Assigned
Ltd
Adani Wind Energy (Gujarat) Pvt WC facility            IND BBB          80       Assigned
Ltd
Citycom Networks Pvt Ltd        Bk loan                IND BBB-         397.59   Affirmed
(increased from INR377.5)
Citycom Networks Pvt Ltd        TL*                    IND BBB-         400      Assigned
(increased from INR300) 
* The final ratings were assigned based on the sanction letters provided by CNPL to Ind-
Citycom Networks Pvt Ltd        Proposed TL**          IND BBB-         200      Assigned
(reduced from INR50) 
** The ratings are provisional and shall be confirmed upon the sanction
 and execution of loan documents for the above 
 facilities by CNPL to the satisfaction of Ind-Ra.
Citycom Networks Pvt Ltd        FB limits*             IND BBB- / IND A310       Assigned
* The final ratings were assigned based on the sanction letters provided by CNPL to Ind-Ra.

Demandshore Solutions Pvt Ltd   Long-TL                IND B+           18.2     Upgraded from
                                                                                 IND D
Demandshore Solutions Pvt Ltd   FB Fac                 IND B+ /IND A4   65       Upgraded from
                                                                                 IND D
Demandshore Solutions Pvt Ltd   Proposed long-TL*      Provisional IND  13       Upgraded from
                                                       B+                        IND D
* The ratings are provisional and shall be confirmed upon the
   sanction and execution of loan documents for the above facilities 
   by DSPL to the satisfaction of Ind-Ra.

Demandshore Solutions Pvt Ltd   Proposed FB Fac*       Provisional IND  20       Upgraded from
                                                       B+ /Provisional           IND D
                                                       IND A4
* The ratings are provisional and shall be confirmed upon the
   sanction and execution of loan documents for the above facilities 
   by DSPL to the satisfaction of Ind-Ra.
India Standard Loan Trust - XXIVLiquidity facility (LF)IND AA(SO)                Affirmed
India Standard Loan Trust - XXIVSeries A pass-through  IND AA(SO)                Affirmed
                                certificates (PTCs)
India Standard Loan Trust - XXIVSecond loss credit     IND BBB(SO)               Affirmed
                                facility (SLCF)
Lekcon Infrastructure Pvt Ltd   FB WC limits           IND BBB /IND A3+ 180      Upgraded from
                                                                                 IND BBB-
Lekcon Infrastructure Pvt Ltd   Proposed FB WC limits* Provisional IND  30       Assigned
                                                       BBB /
                                                       Provisional IND A3+
* The above ratings are provisional and shall be confirmed upon
 the sanction and execution of loan documents for the above facilities 
by Lekcon to the satisfaction of Ind-Ra.
Lekcon Infrastructure Pvt Ltd   Proposed non-FB WC                      25       Withdrawn
                                limits
Mascom Steel India Pvt Ltd      TL                     IND B-           48       Assigned
Mascom Steel India Pvt Ltd      FB WC limits           IND B- /IND A4   140      Assigned
Mascom Steel India Pvt Ltd      Proposed TL            Provisional IND  100      Assigned
                                                       B-
Owens-Corning (I) Pvt Ltd       WC Fac                 IND AA /IND A1+  745.5    Affirmed
Prayatna Developer Pvt Ltd      Senior Bk loans        IND BBB          9517.9   Affirmed
Prayatna Developer Pvt Ltd      Proposed WC loan*      Provisional IND  220      Affirmed
                                                       BBB
* The rating is provisional and shall be confirmed upon the sanction
  and execution of loan documents for the above facilities by PDPL
  to the satisfaction of Ind-Ra.
 
Prayatna Developer Pvt Ltd      Proposed additional WC Provisional IND  156.5    Affirmed
                                loan*                  BBB
* The rating is provisional and shall be confirmed upon the sanction
  and execution of loan documents for the above facilities by PDPL
  to the satisfaction of Ind-Ra.
 

Southern Auto Products          TL                     IND B+           48.44    Migrated to
                                                                                 Non -
                                                                                 Cooperating
                                                                                 Category
Southern Auto Products          FB limit               IND B+ /IND A4   103      Migrated to
                                                                                 Non -
                                                                                 Cooperating 
                                                                                 Category
Sri Satya Sai Infrastructure    FB WC                  IND B-           60       Migrated to
Pvt Ltd                                                                          Non -
                                                                                 Cooperating 
                                                                                 Category
Sri Satya Sai Infrastructure    Proposed long-TL       Provisional IND  8        Migrated to
Pvt Ltd                                                B-                        Non -
                                                                                 Cooperating 
                                                                                 Category
Strides Shasun Ltd              LT Issuer Rating       IND A                     Affirmed
Takeda Ifmr Capital 2016        Series A2 PTCs         IND B+(SO)       22.6     Affirmed
Takeda Ifmr Capital 2016        Series A1 pass-through IND BBB+ (SO)    73.6     Affirmed
                                certificates (PTCs)
Western Region Transmission     TL                                               Withdrawn
(Maharashtra) Pvt Ltd
-----------------------------------------------------------------------------------------------
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
www.indiaratings.co.in

$: 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
category.

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
rru.data@thomsonreuters.com)

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