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India Ratings for Indian debt instruments – Aug 28

    Aug 28 - 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 27, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Home First Finance Company      CP programme^          IND A1+          1000     Affirmed
India Ltd
^yet to be issued
M.T. Patil Builders And         Non- FB facility (ST)  IND A4+          150      Affirmed
Contractors Pvt Ltd
Mangalam Drugs And Organics Ltd Non-FB WC limits       IND A3           95       Affirmed
Solar Edge Power And Energy Pvt Proposed ST bridge     Provisional IND  6141     Assigned
Ltd                             facility*#             A1
* The final rating is contingent upon the receipt of the executed financing documents in line
with the information received by Ind-Ra and no-due certificate for the existing rupee term
loans.
/# The proceeds from the INR6,141 million bridge facility will be used to prepay the outstanding
portion of the rupee term loan (INR6,001 million as on 6 August 2020).
Solar Edge Power And Energy Pvt Proposed WC*           Provisional IND  250      Assigned
Ltd                                                    A1
* The final rating is contingent upon the receipt of the executed financing documents in line
with the information received by Ind-Ra and no-due certificate for the existing rupee term
loans.
Tradohub B2B Ltd                Non-FB WC Fac          IND A4+          5        Downgraded
 

LONG TERM RATINGS:
-------------------
Aqua Space Developers Pvt Ltd   NCDs (NCDs)            IND A/Positive   6500*    Affirmed
*Note: Issue size was INR7,500million, INR1,000 million has been prepaid; INR6,500million is
thus the outstanding amount.
Aqua Space Developers Pvt Ltd   TL                     IND A/Positive   3750     Affirmed
Juniper Hotels Pvt Ltd          Unsupported rating     IND BB/Stable    -        Assigned
Juniper Hotels Pvt Ltd          TL 1*                  Provisional IND  10647    Assigned
                                                       AAA(CE) /Stable
The final rating will be assigned following the issuance and the receipt of final executed
transaction documentation (including amended facility agreements, standby letters of credit,
corporate guarantee and legal opinion), conforming to the information already received by
Ind-Ra. The unsupported rating assigned is in compliance with the Securities Exchange Board of
India’s circular dated 13 June 2019, which requires credit rating agencies to disclose
unsupported ratings without factoring in the explicit credit enhancement.  
Juniper Hotels Pvt Ltd          TL 2*                  Provisional IND  1353     Assigned
                                                       AAA(CE) /Stable
The final rating will be assigned following the issuance and the receipt of final executed
transaction documentation (including amended facility agreements, standby letters of credit,
corporate guarantee and legal opinion), conforming to the information already received by
Ind-Ra. The unsupported rating assigned is in compliance with the Securities Exchange Board of
India’s circular dated 13 June 2019, which requires credit rating agencies to disclose
unsupported ratings without factoring in the explicit credit enhancement.  
M.T. Patil Builders And         FB facility (LT/ST)    IND              100      Affirmed
Contractors Pvt Ltd                                    BB+/Stable/IND
                                                       A4+
Mangalam Drugs And Organics Ltd Long-TL                IND BBB-/Stable  55.24    Affirmed
Outlook revised to Stable/(reduced from INR80.1 mlns)
Mangalam Drugs And Organics Ltd FB WC limits           IND              500      Affirmed
                                                       BBB-/Stable/IND
                                                       A3
Outlook revised to Stable
My Home Constructions Pvt Ltd   Proposed TL*           WD               2500     Withdrawn
* The company has not yet tied up the proposed term loan.
P. Lakshmi’S                    FB Limits*             WD               130      Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
*Maintained at ‘IND BB-(ISSUER NOT COOPERATING)’/‘IND A4+ (ISSUER NOT COOPERATING)’ before being
withdrawn
P. Lakshmi’S                    Non-FB Limits**        WD               60       Maintained in
                                                                                 non
                                                                                 cooperating
                                                                                 category and
                                                                                 withdrawn
**Maintained at ‘IND A4+(ISSUER NOT COOPERATING)’ before being withdrawn
Rajasthan Patrika Pvt Ltd       TL                     IND A+/RWN       820      Placed on RWN
Rajasthan Patrika Pvt Ltd       FB WC limits           IND A+/RWN/IND   1200     Placed on RWN
                                                       A1+/RWN
Rajasthan Patrika Pvt Ltd       Non-FB WC limits       IND A+/RWN/IND   720      Placed on RWN
                                                       A1+/RWN
Solar Edge Power And Energy Pvt Rupee TL#              IND A/RWE        6001     Maintained on
Ltd                                                                              Rating Watch
                                                                                 Evolving (RWE)
 (reduced from INR6,066.59 mlns)/# The proceeds from the INR6,141 million bridge facility will
be used to prepay the outstanding portion of the rupee term loan (INR6,001 million as on 6
August 2020).
Tradohub B2B Ltd                FB WC Fac              IND BB /IND A4+  52.4     Downgraded
Tradohub B2B Ltd                Proposed FB WC Fac*    IND BB /IND A4+  62.6     Downgraded and
                                                                                 assigned
*The provisional rating of the proposed bank facilities has been converted to final rating as
per Indi-Ra’s updated policy. This is because the agency notes that debt seniority and general
terms and conditions of working capital facilities tend to be uniform across banks, and are not
a rating driver. 
*The rating is downgraded to Provisional IND BB(ISSUER NOT COOPERATING)/Provisional IND
A4+(ISSUER NOT COOPERATING) before being assigned
Verdant Renewables Pvt Ltd      LOC (LC) facility      IND AA-/Stable   5950     Assigned
Yes Bank Ltd                    Infrastructure bonds   IND BBB/Stable   35800    Upgraded; Off
                                                                                 RWE
Yes Bank Ltd                    Basel III Tier 2 bonds IND BBB-/Stable  110000   Upgraded; Off
                                                                                 RWE
-----------------------------------------------------------------------------------------------
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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