June 24, 2019 / 6:44 AM / a month ago

India Ratings for Indian debt instruments – Jun 24

    Jun 24 (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 21, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Mahindra Holidays & Resorts     Non-FB WC limits       IND A1           100      Affirmed
India
Northern Arc 2019 Csl Aquarius  Series A1 pass-through IND A3           143      Assigned
                                certificates (PTCs)
Reliance Infrastructure         ST debt/CP (CP)*       WD               13000    Withdrawn
*Outstanding CP of INR0.5 billion was repaid in full in October 2018
Shiv Mettalicks                 Non-FB limits          IND A4+          4        -
(Migrated to non-cooperating category)
Sripathi Paper & Boards         Non-FB WC limit        IND A4+          685      Downgraded


LONG TERM RATINGS:
-------------------
Brightstar Telecommunications   FB WC limits           IND BBB+/A2      5225     Downgraded &
                                                                                 Reassigned
Brightstar Telecommunications   Non-FB limits          IND BBB+/A2      1183     Downgraded &
                                                                                 Reassigned
Energy Wind Farms (Theni)       Senior project Bk loansIND D            680      Downgraded
Energy Wind Farms (Theni)       WC loans               IND D            25       Downgraded
Mahindra Holidays & Resorts     FB WC limits           IND A            600      Affirmed
India
Patel Agri Industries           FBWC limit             IND BBB-         120.05   -
(Migrated to non-cooperating category)
Patel Agri Industries           TL                     IND BBB-         222.57   -
(Migrated to non-cooperating category)
Premier Steels                  FB WC limit            IND B/A4         100      -
(Migrated to non-cooperating category)
Reliance Infrastructure         NCDs (NCDs) (LT)       IND C            3850     Affirmed
Reliance Infrastructure         Bk Fac (LT/ST)         IND D            180000   Downgraded
Reliance Infrastructure         NCDs (LT)              WD               5400     withdrawn
 (the company did not proceed with the instrument as envisaged)
Sansar Trust Feb 2019 V         Second loss credit     IND A-           219.1    Assigned
                                facility (SLCF)
Sansar Trust Feb 2019 V         Series A pass-through  IND AAA          3983.9   Assigned
                                certificates (PTCs)
Sansar Trust June 2019 Ii       Second loss credit     Provisional IND  197.8    Assigned
                                facility (SLCF)        A-
Sansar Trust June 2019 Ii       Series A pass-through  Provisional IND  3956.5   Assigned
                                certificates (PTCs)    AAA
Shiv Mettalicks                 FB limits              IND BB-          116      -
(Migrated to non-cooperating category)
Sripathi Paper & Boards         TL                     IND BB-          1237.94  Downgraded
Sripathi Paper & Boards         TL ^                   IND BB-          150      Downgraded &
                                                                                 Assigned
^Downgraded to ‘Provisional IND BB’/Negative and assigned final rating following the receipt of
executed financing documents by Ind-Ra.
Sripathi Paper & Boards         FB WC limit            IND BB-/IND A4+  1600     Downgraded
Sripathi Paper & Boards         FB WC limit #          IND BB-/IND A4+  200      Downgraded &
                                                                                 Assigned
# Downgraded to ‘Provisional IND BB/Negative/Provisional IND A4+’ and assigned final rating
following the receipt of executed financing documents by Ind-Ra.
Sripathi Paper & Boards         Proposed FB WC limits *Provisional IND  400      Downgraded
                                                       BB-/ Provisional
                                                       IND A4+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SPBPL to the satisfaction of Ind-Ra.
Thdc India                      NCDs (NCDs)            IND AA+          6000     Affirmed
Thdc India                      Proposed NCDs (NCDs)#  Provisional IND  15000    Affirmed
                                                       AA+
# 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.
Vilfer June 2019                Series A pass-through  Provisional IND  651.87   Assigned
                                certificates (PTCs)    A-
Vivriti Zoro 03 2019            Series A1 pass-through IND A+           299.96   Assigned
                                certificates (PTCs)

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