January 17, 2018 / 8:05 AM / 7 months ago

India Ratings for Indian debt instruments – Jan 17

    Jan 17 (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 16, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Deetya Projects                 Non-FB Fac             IND A4+          20       -
Migrated to Non-Cooperating Category
Nabard                          CP                     IND A1+          60       Assigned

Capacite Infraproject           Bk Fac                 IND A / IND A1   9761.2   Upgraded from
                                                                                 A- / A2+
Deetya Projects                 FB Fac                 IND BB- / IND A4+30       -
Migrated to Non-Cooperating Category
Geetashree Pulses               FB WC limit            IND B+           100      Upgraded from
                                                                                 IND B
Haridwar Natural Gas            TL                     IND BBB+         1040     Assigned
Haridwar Natural Gas            Non-FB limits          IND BBB+ / A2+   200      Assigned
Kothari Products                FB WC Fac              IND A-/ IND A2+  1100     Affirmed
Kothari Products                Non-FB WC Fac          IND A-/ IND A2+  13523    Affirmed
Kothari Products                Proposed non-FB        Provisional IND  477      Affirmed
                                facility *             A- / Provisional
                                                       IND A2
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by KPL to the satisfaction of Ind-Ra.
Kothari Products                Proposed FB facility   WD               100      Withdrawn
Mahabubnagar Solar Parks        Rupee TL               IND A-           562.5    Assigned
Petronet Lng                    NCDs (NCDs)            IND AAA          3        Upgraded from
                                                                                 IND AA+
Petronet Lng                    Bonds                  IND AAA          6        Upgraded from
                                                                                 IND AA+
Polepally Solar Parks           Rupee TL               IND A-           1324.5   Assigned
Raipur Development Authority    Bk Loan                IND BBB          3403     Downgraded
                                                                                 from IND BBB+
Raipur Development Authority    Bk Loan                IND BBB          785      Downgraded
                                                                                 from IND BBB+
Raipur Development Authority    Bk Loan                IND BBB          675      Downgraded
                                                                                 from IND BBB+
Shri Lakshmi Ganapathy          FB WC limit            IND B            215      Upgraded from
Industries                                                                       IND B-
Sspdl                           LT Issuer              IND BB           -        Affirmed
Ujjawala Power                  Senior project Bk loansIND BBB          1584.7   -
Migrated to Non-Cooperating Category

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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