June 13, 2019 / 5:02 AM / 5 days ago

India Ratings for Indian debt instruments – Jun 13

    Jun 13 (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
June 12, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Ford Credit India Pvt Ltd       CP                     IND A1+          7500     Affirmed
(Fcipl)
Sonachi Industries Ltd (Sil)    Non-FB facility (ST)   IND D            7.5      Downgraded
(Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
Amri Hospitals Ltd              TL                     IND BBB+/RWE     3100
Downgraded; placed on RWE
Amri Hospitals Ltd              FB Fac                 IND BBB+/RWE/IND 500
                                                       A2/RWE
Downgraded; placed on RWE
Amri Hospitals Ltd              Non-FB Fac             IND BBB+/RWE/IND 100
                                                       A2/RWE
Downgraded; placed on RWE
Emami Frank Ross Ltd (Efrl)     Long-TL                IND BBB+/RWE     1251.7   Downgraded
(reduced from INR1,408.1 mln)
Emami Frank Ross Ltd (Efrl)     Long-TL                IND BBB+/RWE     300      Assigned
Emami Frank Ross Ltd (Efrl)     Short-TL               IND BBB+/RWE/IND 500      Assigned
                                                       A2/RWE
Ford Credit India Pvt Ltd       Bk loans               IND AAA          17500
(Fcipl)
Affirmed; Outlook revised to Negative from Stable
Indostar Capital Finance Ltd    NCDs (NCDs)            IND AA-          3        Affirmed
(reduced from INR4.85 mln)
Indostar Capital Finance Ltd    Proposed NCDs (NCDs)^  IND AA-          3.5      Assigned
^unutilised
Indostar Capital Finance Ltd    Bk loans               IND AA-          1.34     Affirmed
(reduced from INR3.75 mln)
Jawahar Sahakari Soot Girni Ltd Bk Loans               IND B+           286.26
(Jssg)
(Issuer Not Cooperating); Migrated to non-cooperating category
Jawahar Sahakari Soot Girni Ltd FB WC Fac              IND B+           90
(Jssg)
(Issuer Not Cooperating); Migrated to non-cooperating category
Jawahar Sahakari Soot Girni Ltd Non-FB WC Fac          IND B+           25
(Jssg)
(Issuer Not Cooperating); Migrated to non-cooperating category
Rashtriya Chemicals And         Proposed NCDs (NCDs)   Provisional IND  5000     Affirmed
Fertilizers Ltd (Rcf)                                  AA
The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by RCF to the satisfaction of Ind-Ra.
Sonachi Industries Ltd (Sil)    FB facility (LT/ST)    IND D            142.5    Downgraded
(Issuer Not Cooperating)
Vivriti Browne 06 2018 (An Abs  Series A1 pass-through IND A+(SO)       193.25   Upgraded
Transaction)                    certificates (PTCs)
Vivriti Browne 06 2018 (An Abs  Series A1 pass-through IND A+(SO)       227.6    Upgraded
Transaction)                    certificates (PTCs)
Vivriti Browne 06 2018 (An Abs  Series A2 PTCs         IND BBB+(SO)     29.06    Upgraded
Transaction)
Vivriti Browne 06 2018 (An Abs  Series A2 PTCs         IND BBB+(SO)     33.8     Upgraded
Transaction)
Vivriti Loftus 005 2018 (An Abs Series A1 pass-through IND A(SO)        85.52    Upgraded
Transaction)                    certificates (PTCs)
Vivriti Loftus 005 2018 (An Abs Series A2 PTCs         IND BBB(SO)      18.11    Upgraded
Transaction)
Vivriti Shawcross 005 2018 (An  Series A1 pass-through IND A(SO)        335.2    Upgraded
Abs Transaction)                certificates (PTCs)
Vivriti Shawcross 005 2018 (An  Series A2 PTCs         IND A-SO)        21.63    Upgraded
Abs 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
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@thomsonreuters.com)
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