June 18, 2019 / 4:09 AM / a month ago

India Ratings for Indian debt instruments – Jun 18

    Jun 18 (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 17, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Haldia Steels                   Non-FB limits          IND A4+          400      -
(Migrated to non-cooperating category)
Jayantisuper Construction       Non-FB limit           IND A3           630      -
(Migrated to non-cooperating category)
Mahindra & Mahindra Financial   CP                     IND A1+          85000    Affirmed
Services
Nifty Labs                      Non-FB WC limit        IND A4+          120      -
(Migrated to non-cooperating category)
Ratnadeep Metals & Tubes        Non-FB limits          IND A4+          330      -
(Migrated to non-cooperating category)
Sonic Thermal                   Non-FB WC limit        IND A4+          550      -
(Migrated to non-cooperating category)
Terai Tea Company               Non-FB WC limits       IND A4+          20       Downgraded
Zircon Technologies (I)         Non-fund limit         IND A3           10       Assigned


LONG TERM RATINGS:
-------------------
Bank Of India                   Basel III Tier 2 bonds IND AA+          10       Affirmed
D.M. Jewellers                  FB WC limits           IND BB-          187      -
(Migrated to non-cooperating category)
Danu Wind Parks                 TL (LT)                IND D            2676.3   Downgraded
Haldia Steels                   FB limits              IND BB           350      -
(Migrated to non-cooperating category)
Haldia Steels                   TL                     IND BB           50       -
(Migrated to non-cooperating category)
India Standard Loan Trust -     Series A pass-through  IND AA           411.6    Affirmed
Xlvii                           certificates (PTCs)
India Standard Loan Trust -     Liquidity facility (LF)IND AAA          10.24    Affirmed
Xlvii
India Standard Loan Trust -     Second loss credit     IND BBB          51.21    Affirmed
Xlvii                           facility (SLCF)
Jaquar & Company                FB limits              IND AA/A1+       987.5    Affirmed
Jaquar & Company                Non-FB limits          IND AA/A1+       1750     Affirmed
Jayantisuper Construction       FB limit               IND BBB-         40       -
(Migrated to non-cooperating category)
Jayantisuper Construction       Non-FB limit           IND BBB-/A3      150      -
(Migrated to non-cooperating category)
Lichchhwi Food India            FB WC limit (LT)       IND D            80       -
(Migrated to non-cooperating category)
Lichchhwi Food India            Long-TL (LT)           IND D            28.84    -
(Migrated to non-cooperating category)
Mahindra & Mahindra Financial   NCDs (NCDs)            IND AAA          310000   Affirmed
Services
Mahindra & Mahindra Financial   Subordinated debt      IND AAA          44500    Affirmed
Services
Mahindra & Mahindra Financial   Bk loans               IND AAA/A1+      256427   Affirmed
Services
Mahindra & Mahindra Financial   Principal protected    IND PP-MLD AAA   15000    Affirmed
Services                        market linked          emr
                                debentures (PP-MLD)
Nifty Labs                      FB WC limit            IND BB+/A4+      250      -
(Migrated to non-cooperating category)
Nifty Labs                      Proposed TL            Provisional IND  150      -
                                                       BB+
(Migrated to non-cooperating category)
Nifty Labs                      Proposed FB WC limit   Provisional IND  100      -
                                                       BB+/Provisional
                                                       IND A4+
(Migrated to non-cooperating category)
Power Grid Ventures             Proposed NCDs#         Provisional IND  5500     Assigned
                                                       A+
# The final rating will be assigned following the final issuance and the receipt of the final
documentation, conforming to the information already received by Ind-Ra.
Punjab National Bank            Additional Tier I      IND A            67.5     Downgraded
                                (AT1) bonds
Punjab National Bank            Basel III Tier 2 bonds IND AA+          45       Affirmed
Punjab National Bank            Senior infrastructure  IND AA+          20       Affirmed
                                bonds
Ratnadeep Metals & Tubes        FB limits              IND BB+/A4+      300      -
(Migrated to non-cooperating category)
Sonic Thermal                   FB WC limit            IND BB+          180      -
(Migrated to non-cooperating category)
Terai Tea Company               FB WC limits           IND BB+          216.03   Downgraded
Yatharth Hospital & Trauma      FB limits* (LT/ST)     -                70       Affirmed and
                                                                                 withdrawn
* Affirmed at ‘IND D’ before being withdrawn
Yatharth Hospital & Trauma      TL* (LT)               -                430      Affirmed and
                                                                                 withdrawn
* Affirmed at ‘IND D’ before being withdrawn
Zircon Technologies (I)         TL                     IND BBB-         214      Assigned
Zircon Technologies (I)         FB WC limit            IND BBB-/A3      200      Assigned

-----------------------------------------------------------------------------------------------
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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