January 1, 2020 / 7:15 AM / 2 months ago

India Ratings for Indian debt instruments – Jan 1

    Jan 1 (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 31, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Avanti Feeds                    Non-FB WC Fac          IND A1+          665.8    Affirmed
Star Paper Mills                Non-FB WC limits       IND A3+          100      Affirmed
Uflex                           LOC limits for capital IND A1           600      Upgraded
                                gooptionally
                                convertible debentures

LONG TERM RATINGS:
-------------------
Ahmedabad Municipal Corp        Bonds                  IND              2000     Affirmed
                                                       AA+(SO)/Stable
Avanti Feeds                    FB WC Fac              IND AA-/Stable   750      Affirmed
Blp Vayu (Project 1)'S          Senior project Bk loan IND A+/Stable    2200.2   Upgraded
Dishman Carbogen Amics          CP (CP; carved out of  -                500      Withdrawn
                                FBL)
(the company did not proceed with the instrument as envisaged)
Dishman Carbogen Amics          TL                     IND A+/RWE       2526.8   Placed on RWE
Dishman Carbogen Amics          FB limits              IND A+/RWE/IND   3349     Placed on RWE
                                                       A1+/RWE
Dishman Carbogen Amics          Non-FB limits          IND A1+/RW       336.7    Placed on RWE
Dishman Carbogen Amics          Proposed FB /non-FB    Provisional INDA+850      Placed on RWE
                                limits*                RWE/Provisional
                                                       IND A1+/RWE
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
/transaction documents for the above instruments to the satisfaction of Ind-Ra.
India Standard Loan Trust Liv   Series A pass-through  IND AAA          4366.5   Assigned
                                certificates (PTCs)    (SO)/Stable
India Standard Loan Trust Liv   Liquidity facility (LF)IND              43.66    Assigned
                                                       AAA(SO)/Stable
India Standard Loan Trust Liv   Second loss credit     IND              266.35   Assigned
                                facility (SLCF)        BBB(SO)/Stable
India Structured Asset          Series A21 PTCs        IND              140.5    Affirmed
Trust-Series Xii                                       AAA(SO)/Stable
India Structured Asset          Series A22 PTCs        IND              134.9    Affirmed
Trust-Series Xii                                       AAA(SO)/Stable
India Structured Asset          Series A23 PTCs        IND              129.4    Affirmed
Trust-Series Xii                                       AAA(SO)/Stable
India Structured Asset          Series A24 PTCs        IND              124.2    Affirmed
Trust-Series Xii                                       AAA(SO)/Stable
India Structured Asset          Series A25 PTCs        IND              17.3     Affirmed
Trust-Series Xii                                       AAA(SO)/Stable
Indian Receivable Trust Dec19 D Series A pass-through  Provisional IND  5934.2   Assigned
                                certificates (PTCs)    AAA (SO)/Stable
Indian Receivable Trust Dec19 D Second loss credit     Provisional IND  200.9    Assigned
                                facility (SLCF)        BBB (SO)/Stable
Mfl Securitisation Trust Xlviii Series A1 pass-through IND AA(SO)/Stable407.68   Affirmed
                                certificates (PTCs)
Mfl Securitisation Trust Xlviii Series A2 PTCs         IND AA(SO)/Stable16.98    Affirmed
Mfl Securitisation Trust Xlviii Liquidity facility (LF)IND              52.2     Affirmed
                                                       AAA(SO)/Stable
Mfl Securitisation Trust Xlviii Second loss credit     IND              153      Affirmed
                                facility (SLCF)        BBB(SO)/Stable
Myoung Shin India               TL Fac                 IND BBB-/Stable  3042     Assigned
Myoung Shin India               FB WC limits           IND BBB-/Stable  458      Assigned
                                                       / A3
Novo X Trust - Locomotive       Series S PTCs          IND              236.45   Affirmed
                                                       AAA(SO)/Stable
Novo X Trust - Locomotive       Series T PTCs          IND              236.45   Affirmed
                                                       AAA(SO)/Stable
Novo X Trust - Locomotive       Series U PTCs          IND              236.45   Affirmed
                                                       AAA(SO)/Stable
Novo X Trust - Locomotive       Series V PTCs          IND              236.45   Affirmed
                                                       AAA(SO)/Stable
Novo X Trust - Locomotive       Series W PTCs          IND              161.1    Affirmed
                                                       AAA(SO)/Stable
Padmavati Ferrous               TL                     IND BBB-         24.43    Affirmed
(Migrated to non-cooperating category)
Padmavati Ferrous               FB-limits/Non-FB       IND BBB-/A3      85       Affirmed
                                limits*
(Migrated to non-cooperating category) / *Full interchangeability between fund-based and
non-fund-based limits.
Sansar Trust Sep 2018 Ii        Second loss credit     IND A-(SO)/Stable237.13   Affirmed
                                facility (SLCF)
Sansar Trust Sep 2018 Ii        Series A pass-through  IND              2988.61  Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Star Paper Mills                FB WC limits           IND BBB /Stable  190      Affirmed
Uflex                           Long-TL                IND A/Stable     7810     Upgraded
Uflex                           FB WC limits           IND A/Stable/IND 4000     Upgraded
                                                       A1
Uflex                           Non-FB WC limits       IND A/Stable/IND 3750     Upgraded
                                                       A1
Uflex                           Proposed LT debt       Provisional IND  4000     Upgraded
                                (including NCDs)*      A/Stable
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the term loans by Uflex to the satisfaction of Ind-Ra and the closure of the issue
upon the receipt of final documentation, conforming to the information already received by the
agency.

-----------------------------------------------------------------------------------------------
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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