January 14, 2019 / 6:52 AM / 2 months ago

India Ratings for Indian debt instruments – Jan 14

    Jan 14 (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
January 11, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Aditya Birla Housing Finance    CP                     IND A1+          15000    Affirmed
P.C. Snehal Construction        Non-FB facility        IND A3           810.5    -
(Migrated to non-cooperating category)
Rmg Alloy                       Non-FB limit           IND A3           83       Assigned
Syndicate Bank                  CDs                    IND A1+          150      Affirmed

Aditya Birla Housing Finance    Bk loans               IND AAA          100000   Affirmed
Aditya Birla Housing Finance    NCDs (NCDs)            IND AAA          19000    Affirmed
Aditya Birla Housing Finance    Subordinated debt      IND AAA          10000    Affirmed
Aditya Birla Housing Finance    Principal protected    IND PP-MLD AAA   5000     Assigned
                                market linked          emr
^ The suffix emr denotes the exclusion of the embedded market risk from the rating. The rating
of the market linked debentures is an ordinal assessment of the underlying credit risk of the
instrument and does not factor in the market risk that investors in such instruments will
assume. This market risk stems from the fact that coupon payment on the instrument will be based
on the performance of a reference index or equity share (detailed in the information memorandum
of the issue)
Hi-Bond Cement (I)              TL                     IND BBB          158.8    Assigned
Il&Fs Paradip Refinery Water    Senior Bk loans        IND AA/RWN       6596.25  Placed on RWN
Itd-Itd Cem Joint Venture       FB WC limits           -                1850     Withdrawn
Itd-Itd Cem Joint Venture       Non-FB WC limits       -                2019     Withdrawn
Itd-Itd Cem Joint Venture       TL                     -                796      Withdrawn
J.S. International              TL                     IND BB+          86       -
(Maintained in non-cooperating category)
J.S. International              FB limit               IND BB+/A4+      800      -
(Maintained in non-cooperating category)
Jayakumaran Exports             TL                     IND BB-          50       Assigned
Jayakumaran Exports             FB WC limit            IND BB- / IND A4+110      Assigned
Jayakumaran Exports             Proposed FB WC limit*  Provisional IND  20       Assigned
                                                       BB- /
                                                       Provisional IND A4+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by JE to the satisfaction of Ind-Ra.
Kanpur Edibles                  FB limit               IND BBB-         400      -
(Maintained in non-cooperating category)
Kanpur Edibles                  Non-FB limit           IND BBB-/A3      4000     -
(Maintained in non-cooperating category)
Maruti Infracreation            FB Fac*                -                70       Affirmed &
*Affirmed at ‘IND BBB-’/Stable/‘IND A3’ before being withdrawn
Maruti Infracreation            Non-FB Fac#            -                310      Affirmed &
#Affirmed at ‘IND A3' before being withdrawn
P.C. Snehal Construction        FB facility            IND BBB-/A3      135      -
(Migrated to non-cooperating category)
Rmg Alloy                       TL#                    IND BBB-         1044.3   Assigned
# The final rating has been assigned following the receipt of the final sanction letter and
executed loan documents by Ind-Ra.
Rmg Alloy                       FB limits*             IND BBB-/A3      870.7    Assigned
* The final long-term rating has been assigned following the receipt of the final sanction
letter by Ind-Ra.
Syndicate Bank                  Basel III AT1          IND A+           38       Downgraded
                                perpetual bonds
Syndicate Bank                  Basel III-complaint    IND AA           16       Affirmed
                                Tier 2 bonds
Trif Real Estate And DevelopmentTL                     IND BBB+         2000     Upgraded

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
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below