January 22, 2018 / 4:17 AM / 3 months ago

India Ratings for Indian debt instruments – Jan 22

    Jan 22 (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 19, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Aarti Infrastructure & Buildcon Non-FB WC limits       IND A4+          70       Assigned
Genus Power Infrastructures     CP (within the FB WC   IND A1           1000     Affirmed
                                limits)
Jubilant Sports Cars            Non-FB WC limits       IND A3           35       Downgraded
                                                                                 from A3+



LONG TERM RATINGS:
-------------------
Aarti Infrastructure & Buildcon FB WC limits           IND BB           50       Assigned
Adani Green Energy              Long-TL*               IND A            17.5     Assigned
* The facility will be used in the following manner: 
i) INR5 billion will be utilised for meeting the equity commitment to current projects. 
ii) INR2.5 billion will be used to repay the existing short-term loan. 
iii) INR10 billion will be used towards growth capital and paying back the additional funds
infused by the promoters into AGEL.
Adani Green Energy              Non-FB limits          IND A / A1       10       Assigned
Adani Green Energy              Short-TL               WD               1.5      -
Withdrawn (repaid in full)
Adani Hazira Port               External commercial    -                -        Withdrawn
                                borrowings
Adani Hazira Port               External commercial    -                -        Withdrawn
                                borrowings
Adani Hazira Port               Non-FB Fac             -                2650     Withdrawn
Baba Puran Dass Financial       Term deposits*         IND TB           20       Assigned
Services
* The amount is yet to be raised.
Chhattisgarh State Power        TL                     IND A            42.25    Affirmed
Generation Company
Chhattisgarh State Power        WC Fac                 IND A / A1       8.5      Affirmed
Generation Company
Donatello Ifmr Capital          Series A1 pass-through IND A            41.2     Affirmed
                                certificates (PTCs)
Donatello Ifmr Capital          Series A2 PTCs         IND BB+          12       Affirmed
Ess Kay Fincorp                 NCDs                   IND A            300      Assigned
Genus Power Infrastructures     FB limits              IND A+ / IND A1  2000     -
Long-term rating upgraded from IND A 
Short-term rating Affirmed
Genus Power Infrastructures     Non-FB limits          IND A+ / IND A1  6370     -
Long-term rating upgraded from IND A.
Short-term rating Affirmed.
Idfc Bank                       Senior bonds           IND AAA          325.2    Placed on RWN
Idfc Bank                       Senior infra bonds     IND AAA          90.7     Placed on RWN
Jubilant Autoworks              FB WC limits           IND BBB- / A3    20       Downgraded
                                                                                 from IND BBB+
                                                                                 / A3+
Jubilant Autoworks              Non-FB WC limits       WD*              100      -
Downgraded and Withdrawn (Repaid in full)  
* Withdrawn after being downgraded to ‘IND A3(SO)’.
Jubilant Motorworks             TL                     IND BBB-         542.9    Downgraded
                                                                                 from IND BBB+
Jubilant Motorworks             FB WC limits           IND BBB- / A3    300      Downgraded
                                                                                 from IND BBB+
                                                                                 / A3+
Jubilant Motorworks             Non-FB WC limits*      WD               5        -
Downgraded and Withdrawn (repaid in full)
* The facility has been withdrawn after being downgraded to ‘IND A3’.
Jubilant Sports Cars            FB WC limits           IND BBB- / IND A325       Downgraded
                                                                                 from IND BBB /
                                                                                 A3+
Nikita Jewellers                FB limits              IND BB+          156      Upgraded from
                                                                                 IND BB
Patdiam Jewellery               FB WC limits           IND BB- / IND A4+210      Affirmed
(reduced from INR215.1)
Polepally Solar Parks           Rupee TL               IND A-           1342.5   Assigned
S J Exports                     FB WC limits           IND B+ / IND A4  180      Affirmed
Ubilant Motorworks (South)      FB WC limits           IND BBB- / A3    120      Downgraded
                                                                                 from IND BBB+
                                                                                 / A3+

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