July 22, 2020 / 11:00 AM / 13 days ago

India Ratings for Indian debt instruments – Jul 22

    Jul 22 - 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 21, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
------                          ----------             ------          ------   ---------
Hindustan Petroleum Corporation CP                     IND A1+          150000   Affirmed
Ptc Industries Ltd              Non-FB Bk Fac          IND A3+          100      Downgraded
Shriram Pistons And Rings Ltd   Non-FB WC limit        IND A1+          1350     Affirmed
Shriram Pistons And Rings Ltd   CP*                    IND A1+          100      Affirmed
*Yet to be issued
Shriram Pistons And Rings Ltd   Term deposits          IND tAA+/Stable  700      Affirmed
Shriram Pistons And Rings Ltd   Term deposits          IND tAA+/Stable  100      Assigned

Dbl Tuljapur Ausa Highways Pvt  Rupee TL               IND AA/Stable    3,350.0  Upgraded
Dbl Wardha Butibori Highways    Rupee TL               IND AA/Stable    3368.5   Upgraded
Pvt Ltd
Dilip Buildcon Ltd              FB Fac                 IND              17931    Affirmed
                                                       A+/Stable/IND A1
Outlook revised to Stable from Negative
Dilip Buildcon Ltd              Non-FBL                IND              30120    Affirmed
                                                       A+/Stable/IND A1
Outlook revised to Stable from Negative
Dilip Buildcon Ltd              Non-FBL*               IND              2899     Assigned
                                                       A+/Stable/IND A1
*The assignment of final ratings follows the receipt of documents from DBL conforming to the
information already received by Ind-Ra.
Hindustan Petroleum Corporation LT Issuer Rating       IND AAA/Stable   -        Affirmed
Hindustan Petroleum Corporation NCDs                   IND AAA/Stable   75000    Affirmed
Hindustan Petroleum Corporation NCDs#                  IND AAA/Stable   100000   Assigned
#Yet to be issued
Hindustan Petroleum Corporation WC limits              IND              450000   Affirmed
Ltd                                                    AAA/Stable/IND
Icici Bank: Indian Rmbs Trust   Series A PTCs          IND              67.11    Affirmed
Sr Viii                                                AAA(SO)/Stable
Indian Receivable Trust Feb19 A Series A pass-through  IND              532.8    Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Indian Receivable Trust Feb19 A Second loss credit     IND              96.3     Affirmed
                                facility (SLCF)        BBB(SO)/Stable
Ptc Industries Ltd              TL                     IND BBB/Stable   808.6    Downgraded
(reduced from INR979.90 mlns)
Ptc Industries Ltd              FB Bk Fac              IND              724      Downgraded
(increased from INR570 mlns)
Shriram Pistons And Rings Ltd   FB WC limit            IND AA/Stable    750      Affirmed
Swaraj India Agro Ltd           TL                     IND BB+/Stable   1904.3   Upgraded
Swaraj India Agro Ltd           FB Fac                 IND              230      Upgraded
Take Solutions Ltd              LT Issuer Rating       IND A-           -        Downgraded
                                                                                 from IND AA-
placed it on Rating Watch Negative (RWN).
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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