June 26, 2020 / 8:08 AM / 2 months ago

India Ratings for Indian debt instruments – Jun 26

    Jun 26 - 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 25, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Hdpl Infrastructures Ltd        Non-FBL#               IND A2           1500     Upgraded
#One-way interchangeability between non-fund-based and fund-based limits up to INR20 million.
Hdpl Infrastructures Ltd        Proposed non-FB limits*Provisional IND  100      Assigned
                                                       A2
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by HDPL to the satisfaction of Ind-Ra.
Tvs Supply Chain Solutions Ltd  Non-FB limits          IND A1+          50       Affirmed
Tvs Supply Chain Solutions Ltd  Non-FB limits^         IND A1+          150      Assigned
^ The final rating has been assigned following the receipt of the final financing documents by
Ind-Ra.
Tvs Supply Chain Solutions Ltd  CP*                    IND A1+          1000     Affirmed
*Carved out of existing cash credit facilities
 

LONG TERM RATINGS:
-------------------
Avaada Sataramh Pvt Ltd         Rupee TL (RTL)         IND BBB/Stable   2700     Assigned
Hdpl Infrastructures Ltd        FB limits              IND              220      Upgraded
                                                       BBB+/Stable/IND
                                                       A2
Hdpl Infrastructures Ltd        Proposed FB limits*    Provisional IND  30       Assigned
                                                       BBB+ / Stable /
                                                       Provisional IND A2
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by HDPL to the satisfaction of Ind-Ra.
Iifl Finance Ltd-Insta Sme      Series A1 PTCs         IND AAA(SO)/RWN  -        Assigned and
Trust Dec 2019                                                                   Placed on RWN
Iifl Finance Ltd-Insta Sme      Series A1 PTCs         IND AAA(SO)/RWN  -        Placed on RWN
Trust April 2019
Iifl Finance Ltd-Insta Sme      Series A PTCs          IND AAA(SO)/RWN  -        Assigned and
Trust Jan 2020                                                                   Placed on RWN
Iifl Finance Ltd-Insta Sme      Series A1 PTCs         IND AAA(SO)/RWN  -        Placed on RWN
Trust June 2019
Iifl Finance Ltd-Insta Sme      Series A1 PTCs         IND AAA(SO)/RWN  -        Placed on RWN
Trust March 2019
Iifl Finance Ltd-Insta Sme      Series A1 PTCs         IND AAA(SO)/RWN  -        Placed on RWN
Trust May 2019
Iifl Finance Ltd-Insta Sme      Series A1 PTCs         IND AAA(SO)/RWN  -        Assigned;
Trust Nov 2019                                                                   placed on RWN
Iifl Finance Ltd-Insta Sme      Series A1 PTCs         IND AAA(SO)/RWN  -        Placed on RWN
Trust Sep 2019
Insta Sme Trust July 2019       Series A1 pass-through IND              329.9    Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
M/S Rashmi Motors               FB limits              IND BB+          428      -
Migrated to non-cooperating category(issuer not cooperating)
Ngc Energy India Pvt Ltd        Proposed TL*           Provisional IND  2250     Assigned
                                                       A-/Stable
*The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facility by NGCEIPL to the satisfaction of Ind-Ra. 
Secure Sme Trust October 2019   Series A1 pass-through IND AA(SO)/Stable662.8    Affirmed
                                certificates (PTCs)
Tvs Supply Chain Solutions Ltd  TL                     IND AA-/ Negative1150     Affirmed
Outlook revised to Negative from Stable((increased from INR650 mlns)
Tvs Supply Chain Solutions Ltd  FB WC limits           IND              2350     Affirmed
                                                       AA-/Negative/IND
                                                       A1+
Outlook revised to Negative from Stable/(increased from INR1,250 mlns)
Tvs Supply Chain Solutions Ltd  Proposed FB WC limits# Provisional IND  50       Assigned
                                                       AA- / Negative /
                                                       Provisional IND A1+
 # The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the proposed facilities by TVS SCS 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
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@refinitiv.com)
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