January 23, 2018 / 4:09 AM / a year ago

India Ratings for Indian debt instruments – Jan 23

    Jan 23 (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 22, 2018.

COMPANY                         INSTRUMENT             RATING         AMOUNT    MOVEMENT
------                          ----------             ------         ------    ---------
Ambica Steels Ltd               NFB WC limits          IND A3           1150     Affirmed

Adani Green Energy Ltd          Long-TL*               IND A            17500    Assigned
* The facility will be used in the following manner: INR5 billion will be utilised for meeting
the equity commitment to current projects and the balance will be primarily used towards growth
capital and paying back the additional funds infused by the promoters into AGEL. 
Adani Green Energy Ltd          Non-FB limits          IND A /IND A1    10000    Assigned
Adani Green Energy Ltd          Short-TL               WD               1500     Withdrawn
Ambica Steels Ltd               TL                     IND BBB-         70       Affirmed
(reduced from INR130mln)
Ambica Steels Ltd               FB WC limits           IND BBB-         600      Affirmed
Chennai Water Desalination Ltd  Senior project Bk      IND D            3780     Affirmed
                                loans (LT)
Chennai Water Desalination Ltd  Performance security   IND D            50       Affirmed
                                (executed in the form
                                of a BG) (LT)
Dheepti Spices                  FB WC limits           IND B/IND A4     54       Affirmed
Ess Kay Fincorp Ltd             NCDs                   IND A(SO)        200      Assigned
Irb Talegaon Amravati Tollway   Senior project Bk loan  -               3765     Withdrawn
Pvt Ltd
Ircon-Soma Tollway Pvt Ltd      Senior project Bk loans WD              3813*    withdrawn
*outstanding INR1,268 million on 30 April 2017
Ivrcl Indore Gujarat Tollways   Senior project Bk loan IND D            11785.65 Affirmed
Ltd                             (LT)
(reduced from INR13,726.8 mln)    
Ivrcl Indore Gujarat Tollways   BG (LT)                IND D            70       Affirmed
Motor Sales Ltd                 FB WC limit            IND B+ /IND A4   91       Affirmed
(reduced from INR186mln)
Motor Sales Ltd                 TL                     WD               65.68    withdrawn
Rayalaseema Expressway Pvt Ltd  Senior project Bk      IND D            7030     Affirmed
                                loans (LT)
Water And Sanitation Pooled FundBond - PFDF enhanced   IND AA(SO)       13.4     Affirmed
                                issue I
(reduced from INR40.2mln)
Water And Sanitation Pooled FundBond - PFDF enhanced   IND AA(SO)       433.72   Affirmed
                                issue II
(reduced from INR831.9mln)
Water And Sanitation Pooled FundBond - MFI- tranche I  IND AA(SO)       510      Affirmed
Water And Sanitation Pooled FundBond - MFI- tranche II IND AA(SO)       510      Affirmed
Water And Sanitation Pooled FundBond - issue 2002      WD               12.8     withdrawn
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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