August 7, 2019 / 8:40 AM / 2 months ago

India Ratings for Indian debt instruments – Aug 7

    Aug 7 (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
August 6, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Aditya Birla Fashion And Retail Non-FB WC limits       IND A1+          4750     Affirmed
Aditya Birla Fashion And Retail CP**                   IND A1+          12500    Affirmed
**Current outstanding is INR8,000 million
D2 International                Non-FB WC limits       IND A3+          72       Affirmed
Kalindi Ispat                   Non-FB limits          IND A4+          10       Affirmed
Mantora Oil Products            Non-FB limits          IND A3+          50       Assigned
Shell Mrpl Aviation Fuels And   Non-FB limits          IND A1+          200      Affirmed
Services
Suchi Fasteners                 Non-FB limits          IND A4           86.5     Upgraded



LONG TERM RATINGS:
-------------------
Aditya Birla Fashion And Retail TL                     IND AA           5279     Affirmed
Aditya Birla Fashion And Retail NCDs (NCDs)            IND AA           4000     Affirmed
Aditya Birla Fashion And Retail NCDs#                  IND AA           3000     Affirmed
#The final rating is based on the term sheet shared by ABFRL with Ind-Ra.
Aditya Birla Fashion And Retail WC limits (fund/non-FB)IND AA/IND A1+   3660     Affirmed
Aditya Birla Fashion And Retail FB WC limits           IND AA/A1+       2000     Affirmed
Amritvarsha Industries          FB WC limit            IND BB/IND A4+   185      -
(Long term rating downgraded; short term rating affirmed)
Amritvarsha Industries          Non-FB WC limit        IND BB/IND A4+   45       -
(Long term rating downgraded; short term rating affirmed)
D2 International                TL                     IND BBB          16.2     Affirmed
D2 International                FB WC limits           IND BBB          162      Affirmed
Hdfc Da                         Second loss credit     IND A+           467.8    Affirmed
                                facility (SLCF)
Hdfc Da                         Purchaser payouts      IND AAA          1647.4   Affirmed
Hdfc Da July 2011 - Ii          Second loss credit     IND AA-          35.6     Affirmed
                                facility (SLCF)
Hdfc Da July 2011 - Ii          Purchaser payouts      IND AAA          121.3    Affirmed
Kalindi Ispat                   FB limits              IND BB+          117.5    Upgraded
Mantora Oil Products            FB limits              IND BBB/IND A3+  200      Assigned
Quest Infosys Foundation        TL                     -                57       Withdrawn
Quest Infosys Foundation        FB WC facility         IND B            100      Affirmed
Shell Mrpl Aviation Fuels And   FB limits              IND AA-/IND A1+  1300     Affirmed
Services
Suchi Fasteners                 WC demand loan         IND B            1.027    Upgraded
Suchi Fasteners                 FB limits              IND B/IND A4     67.5     Upgraded
-----------------------------------------------------------------------------------------------
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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