July 24, 2020 / 7:13 AM / 20 days ago

India Ratings for Indian debt instruments – Jul 24

    Jul 24 - 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 23, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Bajaj Housing Finance Ltd       ST Issuer Rating       IND A1+          -        Affirmed
Bajaj Housing Finance Ltd       ST Bk loans            IND A1+          14000    Affirmed
Bajaj Housing Finance Ltd       CP                     IND A1+          50000    Affirmed
Jhajjar Power Ltd               CPs (CPs)*             IND A1+          8000     Affirmed
* Sublimit of the working capital facility
Prime Focus Ltd                 Non-FB WC limits       IND A2/RWN       140      Maintained on
                                                                                 RWN
Prime Focus Ltd                 Stand-by LOC (LC)      IND A2/RWN       2618     Maintained on
                                                                                 RWN
Volkswagen Finance Pvt Ltd      ST Bk loans            IND A1+          15000    Affirmed
Volkswagen Finance Pvt Ltd      CP^                    IND A1+          30000    Affirmed
^yet to be issued
 

LONG TERM RATINGS:
-------------------
Adani Wind Energy (Gujarat) Pvt TL                     IND BBB/Stable   2245     Affirmed
Ltd
Outlook revised to Stable from Negative/(reduced from INR 2,265 mlns)
Adani Wind Energy (Gujarat) Pvt WC facility            IND BBB/Stable   80       Affirmed
Ltd
Outlook revised to Stable from Negative
Bajaj Housing Finance Ltd       LT Issuer Rating       IND AAA/Stable   -        Affirmed
Bajaj Housing Finance Ltd       LT Bk loans            IND AAA/Stable   106000   Affirmed
Bajaj Housing Finance Ltd       LT Bk loans            IND AAA/Stable   50000    Assigned
Bajaj Housing Finance Ltd       LT debt (secured NCDs  IND AAA/Stable   5000     Affirmed
                                and unsecured Tier-II
                                debt)
Bambino Agro Industries Ltd     FB WC limits           IND BBB- /       95       Assigned
                                                       Negative / IND A3
Bambino Agro Industries Ltd     TL                     IND BBB-/Negative342.9    Affirmed
Outlook revised to Negative/(reduced from INR437.90 mlns)
Dneg India Media Services Ltd   FB WC Fac              IND BBB/RWN/IND  800      -
                                                       A2/RWN
Downgraded; rating watch revised to RWN from RWE
Gvr Behari Hanumana Tollway Pvt TL (LT)                IND D            1086.9   -
Ltd
Maintained in the non-cooperating category(issuer not cooperating)
Gvr Panna Amanganj Tollway Pvt  TL                     IND D            870.7    -
Ltd
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
India Standard Loan Trust Lviii Series A pass-through  IND              10135.44 Assigned
                                certificates (PTCs)    AAA(SO)/Stable
India Standard Loan Trust Lviii Liquidity facility (LF)IND              101.35   Assigned
                                                       AAA(SO)/Stable
India Standard Loan Trust Lviii Second loss credit     IND              709.48   Assigned
                                facility (SLCF)        BBB(SO)/Stable
Jhajjar Power Ltd               Rupee TL               IND AA-/Stable   18320    Affirmed
(INR5,401.3 mlns outstanding on 30 June 2020)
Jhajjar Power Ltd               Foreign currency loan  IND AA-/Stable   -        Affirmed
(USD128.5 outstanding on 30 June 2020)
Jhajjar Power Ltd               WC facility            IND AA-/Stable   12500    Affirmed
Jhajjar Power Ltd               Unsupported rating     IND AA-/Stable   0        Affirmed
Jhajjar Power Ltd               NCDs^                  IND AA-/Stable   2230     Affirmed
^  The proceeds from the INR1,000 million NCDs will be used to partially prepay this NCD. The
rated amount will be reduced to this extent post the receipt of the no-dues certificate.
Jhajjar Power Ltd               Additional rupee TL    IND AA-/Stable   1350     Assigned
Jhajjar Power Ltd               NCDs                   IND              4760     Affirmed
                                                       AA+(CE)/Stable
Jhajjar Power Ltd               NCDs (NCDs)            Provisional IND  1000     Assigned
                                                       AAA(CE)/Stable
Oil And Natural Gas Corporation NCD programme*         IND AAA/Stable   500      Assigned
Ltd
* Yet to be issued
Prime Focus Ltd                 TL                     IND BBB/RWN      1910     Maintained on
                                                                                 RWN
Prime Focus Ltd                 FB WC limits           IND BBB/RWN/IND  320      Maintained on
                                                       A2/RWN                    RWN
Prime Focus Technologies Ltd    TL                     IND BBB/RWN/IND  2170     -
                                                       A2/RWN
Downgraded; Rating Watch revised to Negative from Evolving
Prime Focus Technologies Ltd    Bk loans               IND BBB/RWN/IND  330      -
                                                       A2/RWN
Downgraded; Rating Watch revised to Negative from Evolving
Radha Smelters Pvt Ltd          TL                     IND BB+/Stable   247      Downgraded
(reduced from INR266.5 mlns) 
Radha Smelters Pvt Ltd          FB WC limit            IND              610      Downgraded
                                                       BB+/Stable/IND
                                                       A4+
Radha Smelters Pvt Ltd          Non-FB WC limit        IND              5        Downgraded
                                                       BB+/Stable/IND
                                                       A4+
Volkswagen Finance Pvt Ltd      NCDs (NCDs)            IND AAA/Stable   25000    Affirmed
Volkswagen Finance Pvt Ltd      LT Bk loans            IND AAA/Stable   32000    Affirmed
-----------------------------------------------------------------------------------------------
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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