January 30, 2020 / 6:32 AM / a month ago

India Ratings for Indian debt instruments – Jan 30

    Jan 30 - 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 29, 2020.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
IDFC Asset Management Co. Ltd   IDFC Cash Fund         IND A1+mfs                Affirmed

Creditaccess Grameen Ltd        LT Bk loans            IND A+/ Stable   10000    Assigned
IDFC Asset Management Co. Ltd   IDFC Ultra ST Fund     IND AAAmfs                Assigned
J.S. International              TL                     IND BB+          86
(Issuer Not Cooperating); Maintained in non-cooperating category
J.S. International              FB limit               IND BB+/ IND A4+ 800
(Issuer Not Cooperating); Maintained in non-cooperating category
Nagpur Mumbai Super             TL                     IND A-/ Stable   211.5    Assigned
Communication Expressway Ltd
Nagpur Mumbai Super             #Proposed TL           Provisional IND  68.5     Affirmed
Communication Expressway Ltd                           A-/ Stable
# The rating is provisional and shall be confirmed upon the execution of inter-creditor
agreement for INR38.50 billion (out of INR68.50 billion) and sanction of the balance debt of
INR30 billion and the receipt of final documentation by the agency.
Raghuvir Developers And         TL                     IND BB+/ RWN     3544.3
Downgraded; placed on RWN
Raghuvir Developers And         FB WC limit            IND BB+/ RWN/    90
Builders                                               IND A4+/ RWN
Downgraded; placed on RWN
Sansar Trust Jan 2020 (An       Series A2 PTCs         Provisional IND  342      Assigned
Asset-Backed Securities                                A(SO)/ Stable
Sansar Trust Jan 2020 (An       Second-loss credit     Provisional IND  171      Assigned
Asset-Backed Securities         facility (SLCF)        A-(SO)/ Stable
Sansar Trust Jan 2020 (An       Series A1 pass-through Provisional IND  6497.9   Assigned
Asset-Backed Securities         certificates (PTCs)    AAA(SO)/ Stable
Secure Sme Trust October 2019   Series A1 pass-through IND AA(SO)/      1000     Assigned
(An Asset-Backed Security       certificates (PTCs)    Stable
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 rru.data@refinitiv.com)
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