February 12, 2018 / 7:19 AM / 12 days ago

India Ratings for Indian debt instruments – Feb 12

    Feb 12 (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
February 9, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Devi Fisheries                  Non-FB limits          IND A2+          100      -
Migrated to Non-Cooperating Category
Kct Trading                     FB limits              IND A2           975      Affirmed


LONG TERM RATINGS:
-------------------
Andhra Pradesh Expressway       Series D to G Senior   IND AAA          2658     Affirmed
                                NCDs
Aster                           FB limits (long- and   IND D            2250     -
                                ST)
Migrated to Non-Cooperating Category
Aster                           Non-FB limits (ST)     IND D            11039.5  -
Migrated to Non-Cooperating Category
Devi Fisheries                  FB limits              IND BBB+/ IND A2+1620     -
Migrated to Non-Cooperating Category
Eswari Green Energy             TL                     IND B            200      Assigned
India Standard Loan Trust - XliiSeries A pass-through  IND A            758.64   Affirmed
                                certificates (PTCs)
India Standard Loan Trust - XliiLiquidity facility (LF)IND AAA          12.51    Affirmed
India Standard Loan Trust - XliiSecond loss credit     IND BBB          49.39    Affirmed
                                facility (SLCF)
Megha Engineering &             FB WC limits           IND A+ / IND A1+ 2800     Affirmed
Infrastructures
Outlook revised to Positive from Stable
Megha Engineering &             Non-FB WC limits       IND A+ / IND A1+ 78400    Affirmed
Infrastructures
Outlook revised to Positive from Stable
Megha Engineering &             Proposed FB WC limits* Provisional IND  700      Affirmed
Infrastructures                                        A+ / Provisional
                                                       IND A1+
Outlook revised to Positive from Stable
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by MEIL to the satisfaction of Ind-Ra. 
Megha Engineering &             Proposed non-FB WC     Provisional IND  41000    Affirmed
Infrastructures                 limits*                A+ / Provisional
                                                       IND A1+
Outlook revised to Positive from Stable
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by MEIL to the satisfaction of Ind-Ra. 
Western Transmission (Gujarat)  TL                     Provisional IND  3000     Assigned
                                                       AA+
Western Transmission (Gujarat)  WC facility            Provisional IND  100      Assigned
                                                       AA+
-----------------------------------------------------------------------------------------------
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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