July 13, 2020 / 7:31 AM / a month ago

India Ratings for Indian debt instruments – Jul 13

    Jul 13 - 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
July 10, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Adani Infra (I) Ltd             FB limits              IND A1           2000     Assigned
Adani Infra (I) Ltd             Non-FB limits          IND A1           380      Assigned
Atithya Inn Pvt Ltd             BG                     IND A4+/RWN      70       Downgraded and
                                                                                 placed on RWN
Bank Note Paper Mill India Pvt  Non FB WC              IND A1+          450      Assigned
Ltd
Sava Healthcare Ltd             Non-FB WC limits       IND A4+          30       Affirmed
Sri Raja Rajeswari              Non-FB WC limits       IND A4+          650      Downgraded
Constructions (I) Pvt Ltd
 

LONG TERM RATINGS:
-------------------
Atithya Inn Pvt Ltd             TL                     IND BB+/RWN      960      Downgraded and
                                                                                 placed on RWN
Atithya Inn Pvt Ltd             FB limits              IND BB+/RWN      40       Downgraded and
                                                                                 placed on RWN
Bank Note Paper Mill India Pvt  FB WC                  IND AAA/Stable/  1750     Assigned
Ltd                                                    IND A1+
Bank Note Paper Mill India Pvt  Bk loans               WD               -        Withdraw (paid
Ltd                                                                              in full)
Coastal Gujarat Power Ltd       Unsupported Rating     IND A-/Stable    -        Affirmed
Coastal Gujarat Power Ltd       NCDs (NCDs)            IND AA(CE)/Stable27000    Affirmed
Coastal Gujarat Power Ltd       Proposed NCDs (NCDs)   Provisional IND  3500     Assigned
                                                       AA(CE)/Stable
Darbhanga Motihari Transmission Secured NCDs (NCDs)    IND AAA/Stable   7424     Affirmed
Co. Ltd
(reduced from INR7,650 mlns)
M.S. Luvish Infosystems Pvt Ltd LT Issuer Rating       IND BB/Stable    -        Affirmed
M.S. Luvish Infosystems Pvt Ltd TL*                    IND BB+/Stable   600      Assigned
*Lease rental discounting (LRD) loan
M.S. Luvish Infosystems Pvt Ltd TL*                    IND BB+/Stable   600      Affirmed
*Lease rental discounting (LRD) loan
Nrss XXXI (B) Transmission Ltd  Unsecured NCDs (NCDs)  IND AAA/Stable   5832     Affirmed
Punjabi University              WC facility            IND BB           800      Downgraded
(Issuer Not Cooperating)
Punjabi University              TL                     IND BB           29.3     Downgraded
(Issuer Not Cooperating)
Ruckmoni Memorial Charitable    Bk Loan                IND BB           131.34   Downgraded
Educational Health Trust
Ruckmoni Memorial Charitable    Bk Loan                IND BB           29.66    Downgraded
Educational Health Trust
Ruckmoni Memorial Charitable    Fund Based WC Limit    IND BB           50       Downgraded
Educational Health Trust
Rwl Healthworld Ltd             Long-TL                IND D            1287.5   -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Rwl Healthworld Ltd             WC demand loans (LT)   IND D            250      -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Sava Healthcare Ltd             TL                     IND BB/Stable    114.77   Affirmed
(increased from INR111.5 mlns)
Sava Healthcare Ltd             FB WC limits           IND              286.93   Affirmed
                                                       BB/Stable/IND A4+
(reduced from INR290.2 mlns)
Sri Raja Rajeswari              TL                     IND BB+/Stable   78.27    Downgraded
Constructions (I) Pvt Ltd
(reduced from INR156.6 mlns)
Sri Raja Rajeswari              FB WC limits           IND              250      Downgraded
Constructions (I) Pvt Ltd                              BB+/Stable/IND
                                                       A4+
Sri Raja Rajeswari              Proposed FB WC limits  WD               200      -
Constructions (I) Pvt Ltd
Withdrawn (the company did not proceed with the instrument as envisaged)
Sri Raja Rajeswari              Proposed non-FB WC     WD               400      -
Constructions (I) Pvt Ltd       limits
Withdrawn (the company did not proceed with the instrument as envisaged)
Zamil Steel Buildings India Pvt FB facility#*          WD               1485     Affirmed and
Ltd                                                                              withdrawn
#Fund-based facility is a sublimit of non-fund based facility.
* Affirmed at ‘IND BBB-’/Stable/’IND A3’ before being withdrawn
Zamil Steel Buildings India Pvt Non-FB facility*       WD               1,851    Affirmed and
Ltd                                                                              withdrawn
* Affirmed at ‘IND BBB-’/Stable/’IND A3’ before being 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
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@refinitiv.com)
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