March 17, 2020 / 7:47 AM / 18 days ago

India Ratings for Indian debt instruments – Mar 17

    Mar 17 - 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 16, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Avi Global Plast Pvt Ltd        Non-FB WC limits       IND A3+          180      Upgraded
Hindustan Petroleum Corporation CP                     IND A1+          150      Affirmed
Ltd

LONG TERM RATINGS:
-------------------
Adani Green Energy (Tamil Nadu) Unsupported rating     IND A-/Negative  -        Assigned
Ltd
Adani Green Energy (Tamil Nadu) Rupee TL               IND              10787    Affirmed
Ltd                                                    A+(CE)/Negative
Outlook revised to Negative from Stable
Adani Green Energy (Tamil Nadu) WC facility            IND              430      Affirmed
Ltd                                                    A+(CE)/Negative
Outlook revised to Negative from Stable
Adani Green Energy (Tamil Nadu) WC facility*           IND              230      Assigned
Ltd                                                    A+(CE)/Negative
*The final rating has been assigned after the receipt of final documentation, conforming to the
information already received by Ind-Ra.
Avi Global Plast Pvt Ltd        TL                     IND BBB/Stable   50       Upgraded
Avi Global Plast Pvt Ltd        FB WC limit            IND              290      Upgraded
                                                       BBB/Stable/IND
                                                       A3+
Aye Finance Pvt Ltd             NCDs (NCDs)*           IND A-/Stable    1684     Upgraded
Aye Finance Pvt Ltd             NCDs*                  IND A-/Stable    6450     Assigned
Aye Finance Pvt Ltd             LT Bk loans            IND A-/Stable    2100     Assigned
Aye Finance Pvt Ltd             NCDs*                  IND A-/Stable    600      Assigned
Hindustan Petroleum Corporation LT Issuer Rating       IND AAA/Stable   -        Affirmed
Ltd
Hindustan Petroleum Corporation NCDs                   IND AAA/Stable   61       Affirmed
Ltd
Hindustan Petroleum Corporation NCDs#                  IND AAA/Stable   14       Assigned
Ltd
#The final rating has been assigned after the receipt of the final documents, including the term
sheet and debenture trustee agreement, by the agency. The final terms and conditions are in line
with the information already received by Ind-Ra, based on which the provisional rating was
assigned.
Hindustan Petroleum Corporation WC limits              IND              450      Affirmed
Ltd                                                    AAA/Stable/IND
                                                       A1+
Insta Sme Trust Sep 2019 (An    Series A1 pass-through IND              732.7    Assigned
Asset-Backed Security           certificates (PTCs)    AAA(SO)/Stable
Transaction)
Kamuthi Solar Power Ltd         Unsupported rating     IND A-/Negative  -        Assigned
Kamuthi Solar Power Ltd         Rupee TL               IND              11012    Affirmed
                                                       A+(CE)/Negative
Outlook revised to Negative from Stable
Kamuthi Solar Power Ltd         WC facility            IND              390      Affirmed
                                                       A+(CE)/Negative
Outlook revised to Negative from Stable
Kamuthi Solar Power Ltd         WC facility*           IND              210      Assigned
                                                       A+(CE)/Negative
*The final rating has been assigned after the receipt of final documentation, conforming to the
information already received by Ind-Ra.
Kamuthi Renewable Energy Ltd    Unsupported rating     IND A-/Negative  -        Assigned
Kamuthi Renewable Energy Ltd    Rupee TL               IND              3669     Affirmed
                                                       A+(CE)/Negative
Outlook revised to Negative from Stable
Kamuthi Renewable Energy Ltd    WC facility            IND              130      Affirmed
                                                       A+(CE)/Negative
Outlook revised to Negative from Stable
Kamuthi Renewable Energy Ltd    WC facility*           IND              70       Assigned
                                                       A+(CE)/Negative
*The final rating has been assigned after the receipt of final documentation, conforming to the
information already received by Ind-Ra.
Mfl Securitisation Trust        Series A1 pass-through IND AA(SO)/Stable458.7    Affirmed
Lxviii’S (An Abs Transaction)   certificates (PTCs)*
Mfl Securitisation Trust        Series A2 PTCs         IND AA(SO)/Stable29.3     Affirmed
Lxviii’S (An Abs Transaction)
Mfl Securitisation Trust        Second loss credit     IND              78.4     Affirmed
Lxviii’S (An Abs Transaction)   facility (SLCF)        BBB-(SO)/Stable
Ramnad Renewable Energy Ltd     Unsupported rating     IND A-/Negative  -        Assigned
Ramnad Renewable Energy Ltd     Rupee TL               IND              3704     Affirmed
                                                       A+(CE)/Negative
Outlook revised to Negative from Stable
Ramnad Renewable Energy Ltd     WC facility            IND              130      Affirmed
                                                       A+(CE)/Negative
Outlook revised to Negative from Stable
Ramnad Renewable Energy Ltd     WC facility*           IND              70       Assigned
                                                       A+(CE)/Negative
*The final rating has been assigned after the receipt of final documentation, conforming to the
information already received by Ind-Ra.
Ramnad Solar Power Ltd          Unsupported rating     IND A-/Negative  -        Assigned
Ramnad Solar Power Ltd          Rupee TL               IND              3879     Affirmed
                                                       A+(CE)/Negative
Outlook revised to Negative from Stable
Ramnad Solar Power Ltd          WC facility            IND              3879     Affirmed
                                                       A+(CE)/Negative
Outlook revised to Negative from Stable
Ramnad Solar Power Ltd          WC facility*           IND              70       Assigned
                                                       A+(CE)/Negative
*The final rating has been assigned after the receipt of final documentation, conforming to the
information already received by Ind-Ra.
Sansar Trust Aug 2017           Second loss credit     IND A-(SO)/Stable295.5    Affirmed
                                facility SLCF
Sansar Trust Aug 2017           Series A pass-through  IND              1437.7   Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Sansar Trust June 2019 Ii’S (An Second loss credit     IND A-(SO)/Stable229.5    Affirmed
Abs Transaction)                facility (SLCF)
Sansar Trust June 2019 Ii’S (An Series A pass-through  IND              3256.9   Affirmed
Abs Transaction)                certificates (PTCs)    AAA(SO)/Stable
Shri Agrawal Technical &        TL                     IND BB-          181.7    -
Education Society
Maintained in non-cooperating category; (Issuer Not Cooperating)
Shri Agrawal Technical &        FB WC facility         IND BB-          149      -
Education Society
Maintained in non-cooperating category; (Issuer Not Cooperating)
Small Business Loan - Pcg -     Assignee payout*       Provisional IND  954.06   Assigned
Series 03                                              AA(SO)/Stable
*The final rating is contingent upon the receipt of the final documents conforming to the
information already received. The pool of loans to small businesses secured by property
mortgages to be assigned to the trust has been originated by Shriram City Union Finance Limited
(SCUF; originator or seller; ‘IND AA’/Stable).
Small Business Loan - Pcg -     Assignee payout*       Provisional IND  2999.9   Assigned
Series 04                                              AA(SO)/Stable
*The final rating is contingent upon the receipt of the final documents conforming to the
information already received. The pool of loans to small businesses secured by property
mortgages to be assigned to the trust has been originated by Shriram City Union Finance Limited
(SCUF; originator or seller; ‘IND AA’/Stable).
-----------------------------------------------------------------------------------------------
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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