January 8, 2020 / 4:03 AM / 2 months ago

India Ratings for Indian debt instruments – Jan 8

    Jan 8 (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 7, 2020.

COMPANY                         INSTRUMENT             RATING         AMOUNT    MOVEMENT
------                          ----------             ------         ------    ---------
Axles India Ltd                 Non-FB WC limits       IND A1           45       Affirmed
Axles India Ltd                 LT loans               -                23.4     Withdrawn
                                                                                 (Repaid in
Axles India Ltd                 FB WC limits           IND A/Stable/IND 600      Affirmed
Greater Visakhapatnam Municipal Bonds*                 IND AA(SO)/Stable800      Affirmed
*The frequency of interest payment is semi-annual (21 June and 21 December of each year) and the
principal will be repaid in four equal instalments at the end of seventh, eighth, ninth and 10th
Greater Visakhapatnam Municipal Proposed bonds**       Provisional IND  200      Affirmed
Corporation’S                                          AA(SO)/Stable
**The final rating will be assigned following the final issuance and the receipt of the final
documentation, conforming to the information already received by Ind-Ra.
Jindal Stainless Ltd            NCDs (NCDs)            IND BBB/Stable   1180     Affirmed
(reduced from INR1.58 blns)
Jindal Stainless Ltd            TL                     IND BBB/Stable   17610    Affirmed
( reduced from INR21.13 blns)
Jindal Stainless Ltd            FB WC limits           IND              9160     Affirmed
Jindal Stainless Ltd            Non-FB WC limits       IND              32940    Affirmed
Jindal Stainless Ltd            Proposed FB WC limits* Provisional IND  40       Affirmed
                                                       /Provisional IND A3+
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by JSL to the satisfaction of Ind-Ra.
Jindal Stainless Ltd            Proposed non-FB WC     Provisional IND  6310     Affirmed
                                limits*                BBB/Stable
                                                       /Provisional IND A3+
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by JSL to the satisfaction of Ind-Ra.
Omega Solar Projects Pvt Ltd    TL                     IND BBB+/Stable  545.84   Upgraded
(reduced from INR577 mlns)
R. H. Solvex Pvt Ltd            FB WC limit            IND BB+          100
Migrated to non-cooperating category(issuer not cooperating)
Raipur Development Authority    Bk loans (LT)          IND D            4863
Maintained in non-cooperating category(issuer not cooperating)
Vena Energy Fatanpur Power Pvt  Senior secured project IND A-/Stable    5740.2   Affirmed
Ltd                             rupee TL
(Reduced from INR6,000mlns)
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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below