June 28, 2019 / 4:42 AM / 3 months ago

India Ratings for Indian debt instruments – Jun 28

    Jun 28 (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 27, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Hetero Healthcare Ltd           Non-FB WC limit        IND A2+          75       Affirmed
R V Plastic Ltd                 Non-FB limit           IND A4+          60       Affirmed

Adani Wind Energy (Gujarat) Pvt TL                     IND BBB          2265     Affirmed
Adani Wind Energy (Gujarat) Pvt WC facility            IND BBB          80       Affirmed
Hetero Healthcare Ltd           FB WC limit            IND A-/IND A2+   100      Affirmed
Hetero Healthcare Ltd           Long-TL                IND A-/IND A2+   225      Affirmed
(reduced from INR300)
Indian Receivable Trust June19C Series A pass-through  Provisional IND  4314.1   Assigned
                                certificates (PTCs)    AAA(SO)
Indian Receivable Trust June19C Second loss credit     Provisional IND  359.5    Assigned
                                facility (SLCF)        BBB(SO)
Northern Arc 2019               Series A1 pass-through Provisional IND  668.9    Assigned
                                certificates (PTCs)    A(SO)
Northern Arc 2019               Series A2 PTCs         Provisional IND  19.3     Assigned
Padmabhushan Krantiveer Dr.     FB limits              IND B / IND A4   2000     Assigned
Nagnathana Nayakawadi Hutatma
Kisan Ahir Sahakari Sakhar 
Kharkhana Ltd 
R V Plastic Ltd                 FB WC limit            IND BB- / IND A4+140      Affirmed
R V Plastic Ltd                 Proposed FB WC limit*  Provisional IND  20       Affirmed
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by RVPL to the satisfaction of Ind-Ra.
Sandhar Amkin Industries Pvt LtdLong-TL *              IND BBB          120      Assigned
* Backed by unconditional and irrevocable shortfall undertaking by Sandhar Technologies Ltd
Sandhar Amkin Industries Pvt LtdFB limit*              IND BBB / IND A2 70       Assigned
* Backed by unconditional and irrevocable shortfall undertaking by Sandhar Technologies Ltd
Sustainable Agro-Commercial     Subordinated debt      IND BBB-/RWN     700      Downgraded;
Finance                                                                          placed on RWN
Sustainable Agro-Commercial     Bk loans               IND BBB-/RWN     3330     Downgraded;
Finance                                                                          placed on 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
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