March 16, 2020 / 3:46 AM / in 18 days

India Ratings for Indian debt instruments – Mar 16

    Mar 16 - 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
March 13, 2020.

COMPANY                        INSTRUMENT            RATING         AMOUNT   MOVEMENT
                                                                    (RS.MLN)
------                         ----------            ------         ------   ---------
SHORT TERM RATINGS:
-------------------
Jubilant Performance Cars Pvt  Non-FB WC limits      IND A3          140     Affirmed
Ltd
Jubilant Sports Cars Pvt Ltd   Non-FB WC limits      IND A3          35      Affirmed

LONG TERM RATINGS:
-------------------
Ezra SBL IFMR Capital 2017 (An Series A2 PTCs        IND BB+(SO)/    3.26    Affirmed
Abs Transaction)                                     Stable
Ezra SBL IFMR Capital 2017 (An Series A1 pass-throughIND BBB+(SO)/   14.47   Affirmed
Abs Transaction)               certificates (PTCs)   Stable
Jubilant Autoworks Pvt Ltd     FB WC limits          IND BBB-/       10      Affirmed
                                                     Stable/ IND A3
reduced from INR20 mln
Jubilant Motorworks (South) PvtFB WC limits          IND BBB-/       120     Affirmed
Ltd                                                  Stable/ IND A3
Jubilant Performance Cars Pvt  FB WC limits          IND BBB-/       80      Affirmed
Ltd                                                  Stable/ IND A3
Jubilant Sports Cars Pvt Ltd   FB WC limits          IND BBB-/       25      Affirmed
                                                     Stable/ IND A3
Krishna Hydro Energy Ltd       Rupee TL (RTL)        IND BB(CE)/ RWN 408.77
Downgraded and placed on RWN; reduced from INR420.68 mln
Krishna Hydro Energy Ltd       Unsupported rating    IND BB/ RWN     -
Assigned and placed on RWN
Lakshmi Jalavidyut (Krishna) LtRupee TL (RTL)        IND BB(CE)/ RWN 1525.02
Downgraded and placed on RWN; reduced from INR1,553.75 mln
Lakshmi Jalavidyut (Krishna) LtUnsupported rating    IND BB/ RWN     -
Assigned and placed on RWN
Linus Processors Pvt Ltd       FB WC limits (LT)     IND D           88
Downgraded and maintained in non-cooperating category; Issuer not Cooperating
Linus Processors Pvt Ltd       Non-FB limits (ST)    IND D           60
Downgraded and maintained in non-cooperating category; Issuer not Cooperating
Markdata Green Energy Pvt Ltd  TL                    IND BBB+/ RWN   1800
Placed on RWN
Markdata Green Energy Pvt Ltd  WC facility           IND BBB+/ RWN   167.5
Placed on RWN
Pioneer Genco Ltd              Rupee TL (RTL)        IND BB(CE)/ RWN 916.09
Downgraded and placed on RWN; reduced from INR962.02 mln
Pioneer Genco Ltd              Unsupported Rating    IND BB/ RWN     -
Assigned and placed on RWN
Pioneer Power Corporation Ltd  Rupee TL (RTL)        IND BB(CE)/ RWN 847.01
Downgraded and placed on RWN; reduced from INR883.18 mln
Pioneer Power Corporation Ltd  Unsupported rating    IND BB/ RWN     -
Assigned and placed on RWN
Pioneer Power Ltd              Rupee TL (RTL)        IND BB(CE)/ RWN 1846.67
Downgraded and placed on RWN; reduced from INR2150 mln
Pioneer Power Ltd              Unsupported rating    IND BB/ RWN     -
Assigned and placed on RWN
Punjab Infrastructure          TL                    IND BB/ Stable  10907.7 Upgraded
Development Board
reduced from INR37,419.8 mln
Vivriti Rex 09 2019 (An        Series A1 pass-throughIND A(SO)/ Stabl224.6   Assigned
Asset-Backed Security          certificates (PTCs)
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@refinitiv.com)
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