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Company News

India Ratings for Indian debt instruments – Jul 10

    Jul 10 - 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
July 9, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Bank Of Baroda                  ST debt programme      IND A1+          -        Affirmed
Bank Of Baroda                  CDs                    IND A1+          400000   Affirmed
Casablanca Multiventures Pvt LtdNon-FB limits (ST)     IND D            140      Affirmed
migrated to non-cooperating category(issuer not cooperating)
Ccl Products (I) Ltd            Non-FB WC limits       IND A1+          250      Affirmed
(increased from INR230 mlns)
Elljay Textiles Pvt Ltd         Non-FB WC limit        IND A4           32.5     Affirmed
(reduced from INR40 mlns)
 

MEDIUM TERM RATINGS:
-------------------
American Express Banking Corp – Fixed deposit programmeWD               1250     Withdrawn
India Branch
Bank Of Baroda                  Fixed deposit          IND tAAA/Stable  -        Affirmed
 

LONG TERM RATINGS:
-------------------
Anubha Industries Pvt Ltd       moratorium             IND BB+          -        Assigned
 In view of the COVID-19 led lockdown, the issuer has informed the agency that it needs more
time to provide the required data. 
Aria Hotels And Consultancy     TL                     IND BBB/RWN      5281.72  Placed on RWN
Services Pvt Ltd
(reduced from INR5,576.02 mlns)
Aria Hotels And Consultancy     FB WC limits           IND BBB/RWN/IND  75       Placed on RWN
Services Pvt Ltd                                        A3+/RWN
Asian Hotels (West) Ltd         TL                     IND BBB-/RWN     2267.08  Downgraded
placed on RWN
Asian Hotels (West) Ltd         FB WC limits            IND BBB-/RWN    270      Downgraded
                                                       /IND A3/ RWN
placed on RWN
Bank Of Baroda                  Basel III AT1          IND AA+/Stable   45000    Affirmed
                                perpetual bonds
Bank Of Baroda                  Basel III AT1 bonds    IND AA+/Stable   73500    Affirmed
Bank Of Baroda                  Basel III Tier 2       IND AAA/Stable   55000    Affirmed
                                instrument
Casablanca Multiventures Pvt LtdFB WC limits (LT/ST)   IND D            10       Affirmed
migrated to non-cooperating category(issuer not cooperating)
Ccl Products (I) Ltd            TL                     IND AA-/Stable   2975     Upgraded
(increased from INR2,225 mlns)
Ccl Products (I) Ltd            TL*                    IND AA-/Stable   437      Assigned and
                                                                                 upgraded
*Assigned Final ‘IND A+’/Positive before being upgraded following the receipt of executed
financing documents by Ind-Ra.
/ (reduced from INR700 mlns)
Ccl Products (I) Ltd            FB WC limits           IND              2250     -
                                                       AA-/Stable/IND
                                                       A1+
Long-term rating upgraded; Short-term rating affirmed
Electronica Finance Ltd         Bk Fac                 IND A-/Stable    6750     Affirmed
Electronica Finance Ltd         NCDs (NCDs)            IND A-/Stable    350      Assigned
Electronica Finance Ltd         NCD                    WD               -        Withdrawn
Elljay Textiles Pvt Ltd         TL                     IND B+/Stable    2.1      Affirmed
(reduced from INR6.67 mlns)
Elljay Textiles Pvt Ltd         FB WC limit            IND              80       Affirmed
                                                       B+/Stable/IND A4
(increase from INR70 mlns)
Markdata Green Energy Pvt Ltd   TL                     IND BBB+/Stable  1800     Affirmed
Off RWN
Markdata Green Energy Pvt Ltd   WC facility            IND BBB+/Stable  167.5    Affirmed
Off RWN
Mytrah Energy (I) Pvt Ltd       FB limits              IND BBB+/RWN/IND 1450     Placed on RWN
                                                       A2/RWN
Mytrah Energy (I) Pvt Ltd       Non-FB limits          IND BBB+/RWN/IND 6050     Placed on RWN
                                                       A2/RWN
Mytrah Energy (I) Pvt Ltd       Proposed FB WC limits* Provisional IND  50       Placed on RWN
                                                       BBB+/RWN
                                                       /Provisional IND A2/RWN
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by MEIPL to the satisfaction of Ind-Ra.
Mytrah Energy (I) Pvt Ltd       Proposed NFB WC limits*Provisional IND  2950     Placed on RWN
                                                       BBB+/RWN
                                                       /Provisional IND A2/RWN
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by MEIPL to the satisfaction of Ind-Ra.
Sansar Trust Feb 2019 II        Second loss credit     IND A-(SO)/Stable130.3    Affirmed
                                facility (SLCF)
Sansar Trust Feb 2019 II        Series A pass-through  IND              1333.9   Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Ubl Trust 7                     Series A1 pass-through IND AA(SO)/Stable237.1    Affirmed
                                certificates (PTCs)
Ubl Trust 8                     Series A1 pass-through IND AA(SO)/Stable499.86   Assigned
                                certificates (PTCs)
Wind One Renergy Pvt Ltd        Senior secured rupee TLIND BBB/Stable   2057.5   Assigned
Wind Three Renergy Pvt Ltd      Senior secured rupee TLIND BBB/Stable   2184.4   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
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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