February 27, 2018 / 6:46 AM / a year ago

India Ratings for Indian debt instruments – Feb 27

    Feb 27 (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 26, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Aqua Plumbing                   Non-FB limit *         IND A3           154.8    Affirmed
*The non-fund-based limits include INR4.8 million of forward contract limits
Inrhythm Energy                 Non-FB WC Fac          IND A4           240      Affirmed
K.R.C. Constructions            Non-FB WC limit        IND A4+          185      Assigned
Mcpi                            Non-FB limits          IND A2           7500     Upgraded
Pvr Projects                    Non-FB limits          IND A3           650      -
Migrated to Non-Cooperating Category
Srf'S                           CP#                    IND A1+          3        Affirmed
# The commercial paper will be carved out of the fund-based limits.
Turtle                          Non-FB limit           IND A3+          30       Downgraded
Vodafone India                  CP*                    IND A1+          20000    Assigned
* Yet to be issued.    

Aqua Plumbing                   FB limit               IND BBB-/ A3     300      Affirmed
Aqua Plumbing                   TL                     WD               85.5     Withdrawn
Dixcy Textiles                  FB WC limit            IND A+           500      Assigned
Hotel Jayapushpam               Long-TL                IND BB           84.6     Affirmed
Hotel Jayapushpam               TL                     IND BB+          70       Upgraded
K.R.C. Constructions            FB WC limit            IND BB-          60       Assigned
Mcpi                            FB limits              IND BBB+         1350     Upgraded
Mfl Securitisation Trust Xliii  Series A1 pass-through IND AA+          1632.7   Upgraded
                                certificates (PTCs)
Mfl Securitisation Trust Xliii  Series A2 PTCs         IND AA+          68       Upgraded
Mfl Securitisation Trust Xliii  Liquidity facility (LF)IND AAA          70.3     Affirmed
Mfl Securitisation Trust Xliii  Second loss credit     IND BBB          333.2    Affirmed
                                facility (SLCF)
National Cooperative            Bonds                  WD               2.5      Withdrawn
Development Corp
Platinum Trust                  Series A pass-through  IND AAA          2183     Affirmed
                                certificates (PTCs)
Platinum Trust                  Second loss credit     IND BBB          154.6    Affirmed
                                facility (SLCF)
Platinum Trust                  Pass-through           Provisional IND  3155.91  Assigned
                                certificates (PTCs) -  AAA
                                Series A
Platinum Trust                  Second loss credit     Provisional IND  246.16   Assigned
                                facility (SLCF)        BBB
Pvr Projects                    FB limits              IND BBB- / A3    250      -
Migrated to Non-Cooperating Category
Raichur Power Corporation       Proposed WC loans*     Provisional IND  17120    Assigned
*The final rating for the proposed working capital loans will be assigned following the closure
of the loan issue upon the receipt of final documentation, conforming to the information already
received by Ind-Ra. 
Raichur Power Corporation       Senior project Bk      WD               17120    Withdrawn
#Ind-Ra is no longer required to maintain the rating for senior bank loans, as the agency has
received a no-objection certificate from all consortium banks. This is consistent with the
Securities and Exchange Board of India’s circular dated 31 March 2017 for credit rating
Rita International              FB limits              IND B+           90       Upgraded
Seagull Trust I                 Series A1 pass-through IND AA+          938.04   Affirmed
                                certificates (PTCs)
Srf'S                           TL                     IND AA           8.29     Affirmed
Srf'S                           Fund- and non-FB WC    IND AA / A1+     19.91    Affirmed
Srf'S                           Proposed fund- and     Provisional IND  5.09     Affirmed
                                non-FB WC limits*      AA/ Provisional
                                                       IND A1+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SRF to the satisfaction of Ind-Ra. The provisional rating
has been assigned to unallocated limits.
Srf'S                           NCDs                   WD               2        Withdrawn
Turtle                          Proposed FB limit      -                100      WD
Turtle                          FB WC limit            IND BBB          480      Downgraded
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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