December 19, 2019 / 8:40 AM / 2 months ago

India Ratings for Indian debt instruments – Dec 19

    Dec 19 (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
December 18, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Can Fin Homes                   CP                     IND A1+          45000    Affirmed
Shiv Mettalicks Pvt Ltd         Non FB WC limit        IND A4+          4        Affirmed
Tvs Srichakra                   CP**                   IND A1+          3000     Assigned
**Carved out of fund-based working capital limits

Can Fin Homes                   NCDs (NCDs)            IND AA/Stable    56600    Downgraded
Can Fin Homes                   Subordinated debt      IND AA/Stable    3000     Downgraded
Kochi Salem Pipeline            TL                     IND BBB+/Negative5188     Downgraded
Mas Financial Services          Bk loans*              -                240      Affirmed and
*Affirmed at ‘IND A’/Stable before withdrawn
Mas Rural Housing & Mortgage    Bk loans*              -                5000     Affirmed and
Finance                                                                          Withdrawn
*Affirmed at ‘IND A’/Stable before being withdrawn
Nabinagar Power Generating      Long-TL                IND AA-/RWP      100750   Upgraded ;
Company                                                                          Placed on RWP
Nabinagar Power Generating      Non-FB WC limits       IND AA-/RWP/IND  770      Upgraded ;
Company                                                A1+                       Placed on RWP
Nabinagar Power Generating      FB-WC limits           IND AA-/RWP/IND  2520     Assigned;
Company                                                A1+                       Placed on RWP
Nabinagar Power Generating      Proposed long-TL*      Provisional IND  8890     Upgraded ;
Company                                                AA-/RWP                   Placed on RWP
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by NPGCL to the satisfaction of Ind-Ra.
Sansar Trust December 2017 V    Second loss credit     IND A-(SO)/Stable225.29   Affirmed
                                facility (SLCF)
Sansar Trust December 2017 V    Series A pass-through  IND              1768.7   Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Shiv Mettalicks Pvt Ltd         FB WC limit            IND BB-/Stable   116      Affirmed
Shriram Transport Finance       NCDs                   Provisional IND  50000    Assigned
Company                                                AAA(CE)/Stable
Tvs Srichakra                   TL                     IND AA-/Stable   750      Affirmed
Tvs Srichakra                   FB WC limits           IND              3700     Affirmed
Tvs Srichakra                   Non-FB WC limits       IND              1140     Affirmed
Tvs Srichakra                   Proposed TL*           Provisional IND  1500     Affirmed
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by TVSSC to the satisfaction of Ind-Ra.
Yes Bank                        Basel III Tier 2 bonds IND A/RWN        110000   Downgraded;
                                                                                 placed on RWN
Yes Bank                        Infrastructure bonds   IND A/RWN        35800    Downgraded;
                                                                                 placed on RWN
Yes Bank                        Additional Basel III   IND BBB+/RWN     111000   Downgraded;
                                Tier 1 bonds                                     placed on RWN
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

$: 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

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
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