July 17, 2019 / 5:51 AM / 4 months ago

India Ratings for Indian debt instruments – Jul 17

    Jul 17 (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
July 16, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Chalet Hotels Ltd               Non-FB WC limits       IND A2+          750      Upgraded; Off
(reduced from 1,000)
Franklin India Saving Fund      Franklin India Saving  IND A1+mfs       -        -
(formerly Franklin India Saving Plus Fund) 
Kedia Steels                    Non-FB limits          IND A3+          20       Affirmed
Metrochem Api Pvt Ltd           Non-FB WC limits       IND A2           1000     Affirmed
(increased from 850)
Northern Arc 2019               Series A1 pass-through IND A3+(SO)      117.51   Assigned
                                certificates (PTCs)

Chalet Hotels Ltd               TL                     IND BBB+         10154    Upgraded; Off
(reduced from 14,946)
Chalet Hotels Ltd               FB WC limits           IND BBB+         1350     Upgraded; Off
Chalet Hotels Ltd               Proposed TL*           Provisional IND  335      Upgraded; Off
                                                       BBB+                      RWP
* The rating is provisional and shall be confirmed upon the sanction and execution of financing
documents for the above facilities by CHL to the satisfaction of Ind-Ra. 
Franklin India Banking & Psu    LT                     IND AAAmfs       -        Affirmed
Debt Fund
Kedia Steels                    FB limits              IND BBB          80       Affirmed
M/S Rashmi Motors               FB limits              IND BB+          120      Assigned
Malabar Commercial Plaza Pvt LtdTL                     IND A-           2000     Assigned
Metrochem Api Pvt Ltd           TL                     IND BBB+         374.9    Affirmed
Outlook revised to Positive from Stable,(decreased from 520.9)
Metrochem Api Pvt Ltd           TL                     IND BBB+         363.6    Affirmed
Outlook revised to Positive from Stable,(decreased from 400)
Metrochem Api Pvt Ltd           FB WC limits           IND BBB+/IND A2  1311     Affirmed
Outlook revised to Positive from Stable,(increased from 1,100)
Metrochem Api Pvt Ltd           FB WC limits (Sales    IND BBB+/IND A2  100      Affirmed
                                invoice discounting)
Outlook revised to Positive from Stable
Metrochem Api Pvt Ltd           FB WC limits           IND BBB+/IND A2  189      Assigned
Mm Trust Feb 19                 Series A PTC (PTCs)    IND AAA(SO)      4147     Assigned
(an asset-backed securities transaction)
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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