January 24, 2019 / 5:17 AM / a month ago

India Ratings for Indian debt instruments – Jan 24

    Jan 24 (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 23, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Chhabra Ispat Pvt Ltd           NFBL                   IND A4+          82       Affirmed
Northern Arc 2018 Csl Jupiter   Series A1 pass-through IND A3+(SO)      121.09   Assigned
                                certificates (PTCs)
(an asset-backed security transaction) 
Sri Avantika Contractors (I) LtdNon-FB WC limits       IND A3           2720     Affirmed

LONG TERM RATINGS:
-------------------
Ag8 Ventures Ltd                Long-TL                IND D            1379.5   Downgraded
(Issuer Not Cooperating); Migrated to non-cooperating category
Ahmedabad Municipal Corporation Bonds                  IND AA+(SO)      2000     Assigned
Baba Puran Dass Financial       Term deposits          IND tB           20       Affirmed
Services Ltd
Bank Of Baroda                  Basel III Tier 2       IND AAA(SO)      10       Assigned
                                instrument*
*Yet to be issued
Chhabra Ispat Pvt Ltd           TL                     IND BB+          5.85     Affirmed
(reduced from INR12.8)
Chhabra Ispat Pvt Ltd           FBL                    IND BB+          180      Affirmed
Clean Solar Power (Chitradurga) Bk loan                IND BBB          2200     Affirmed; Off
Pvt Ltd                                                                          RWN
Clean Solar Power (Chitradurga) WC facility            IND BBB          100      Affirmed; Off
Pvt Ltd                                                                          RWN
Iiert December 2016             Series A PTCs          IND AA(SO)       501      Affirmed
(an ABS transaction) 
Mfl Securitisation Trust Lxx    Series A PTCs          IND AAA(SO)      2690.9   Assigned
(an ABS transaction) 
Mfl Securitisation Trust Lxx    Series A2 PTCs         IND AAA(SO)      171.8    Assigned
Mfl Securitisation Trust Lxx    Second loss credit     IND BBB(SO)      214.7    Assigned
                                facility
Mm Trust Sep 18                 Series A PTCs          IND AAA(SO)      3358.3   Assigned
(an ABS transaction) 
Pcm Cement Concrete Pvt Ltd     FB limit               IND BB+          80       -
(Issuer Not Cooperating); Migrated to non-cooperating category
Pcm Cement Concrete Pvt Ltd     Non-FB limit           IND BB+ / IND A4+920      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Snowman Logistics Ltd           TL                     IND A            900      Affirmed
(reduced from INR1,245)
Snowman Logistics Ltd           FB limits              IND A / IND A1   80       Affirmed
Snowman Logistics Ltd           Non-FB-limits          IND A / IND A1   50       Affirmed
Sri Avantika Contractors (I) LtdFB WC limits           IND BBB-/ IND A3 310      Affirmed
Sri Avantika Contractors (I) LtdProposed FB WC limits  WD               65       Withdraw
Sri Avantika Contractors (I) LtdProposed non-FB WC     WD               1360     Withdraw
                                limits
Sv Power Pvt Ltd                Non-FB WC limit        IND A4+/RWE      100      Placed on RWE
Sv Power Pvt Ltd                TL                     IND BB-/RWE      2590     Placed on RWE
Sv Power Pvt Ltd                FB WC limit            IND BB-/RWE      200      Placed on RWE
Synergy Remedies Pvt Ltd        FB WC limit (LT/ST)    IND D            100      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Synergy Remedies Pvt Ltd        Non-FB WC limit (ST)   IND D            40       -
(Issuer Not Cooperating); Migrated to non-cooperating category
Synergy Remedies Pvt Ltd        TL (LT)                IND D            143.9    -
(Issuer Not Cooperating); Migrated to non-cooperating category
Urja Pvt Ltd                    Senior Bk loans        IND A-           1180     Upgraded
Water And Sanitation Pooled FundBond - PFDF Enhanced   IND AA(SO)       289.14   Affirmed
                                Issue II
(reduced from INR433.72)
Water And Sanitation Pooled FundBond - MFI- Tranche I  IND AA(SO)       408      Affirmed
(reduced from INR510)
Water And Sanitation Pooled FundBond - MFI- Tranche II IND AA(SO)       510      Affirmed
Water And Sanitation Pooled FundBond - PFDF Enhanced   WD               13.4     Withdraw
                                Issue I                                          (repaid in
                                                                                 full)
West Gujarat Expressway Ltd     Senior, secured,       IND BB-(SO)/RWN  1412.6   Downgraded and
                                redeemable NCDs*                                 maintained on
                                                                                 RWN
(INR1,289.80 outstanding on 31 December 2018)
-----------------------------------------------------------------------------------------------
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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