March 2, 2020 / 4:27 AM / a month ago

India Ratings for Indian debt instruments – Mar 2

    Mar 2 - 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
February 28, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Canara Bank                     CDs                    IND A1+          300      Affirmed
Mahindra Lifespace Developers   CP (CP)                IND A1+          750      Affirmed
Ltd
Revive Construction Company (I) Proposed non-FB Fac    WD               650      -
Pvt Ltd                         (ST)**
Jai India Weaving Mills Pvt Ltd Non-FB WC limit (ST)   IND D            55.8     Affirmed
(Migrated to non-cooperating category)
Maintained in non-cooperating category and withdrawn,** Maintained at ‘Provisional IND D(ISSUER
NOT COOPERATING)
Motilal Oswal Finvest Ltd       CP*                    IND A1+          10000    Affirmed
* Out of above mentioned limit, INR5,000 million pertains to initial public offer financing
Motilal Oswal Finvest Ltd       CP#                    IND A1+          10000    Assigned
# pertains to initial public offer financing

LONG TERM RATINGS:
-------------------
Campus Activewear Pvt Ltd       Long-TL                IND A/Stable     976.1    Upgraded
(increased from INR250.1)
Campus Activewear Pvt Ltd       FB WC limits           IND A/Stable/IND 1250     Upgraded
                                                       A1
Campus Activewear Pvt Ltd       Non-FB WC limits       IND A/Stable/IND 110      Upgraded
                                                       A1
Campus Ai Pvt Ltd               Long-TL                IND A/Stable     79       Upgraded
Campus Ai Pvt Ltd               FB WC limits           IND A/Stable/IND 500      Upgraded
                                                       A1
Canara Bank                     Basel III AT1 bonds    IND AA/RWN       40       -
(Maintained on RWN)
Canara Bank                     LT Issuer Rating       IND AAA/RWN      -        -
(Maintained on RWN)
Canara Bank                     Basel III Tier 2       IND AAA/RWN      30       Assigned
                                instruments
(placed  on   RWN)
Canara Bank                     Basel III Tier 2       IND AAA/RWN      54       -
                                instruments
(Maintained on RWN)
Jai India Weaving Mills Pvt Ltd LT loans (LT)          IND D            155.33   Affirmed
(Migrated to non-cooperating category)
Jai India Weaving Mills Pvt Ltd FB WC Limit (LT/ST)    IND D            217.5    Affirmed
(Migrated to non-cooperating category)
Jorbat Shillong Expressway Ltd  Senior NCDs            IND D            6412     -
(Rating downgraded; Off RWN)
Jorbat Shillong Expressway Ltd  Subordinate NCDs       IND D            2421.6   -
(Rating downgraded; Off RWN)
Mahindra Lifespace Developers   FBL                    IND AA/Stable    1250     Affirmed
Ltd                                                    IND A1+
(reduced from 2,000)
Mahindra Lifespace Developers   Non-FB limits          IND AA/Stable    500      Affirmed
Ltd                                                    IND A1+
Mahindra Lifespace Developers   Proposed Bk Fac*       Provisional IND  750      Affirmed
Ltd                                                    AA/Stable
                                                       Provisional IND A1+
*The assignment of the final rating follows the receipt of the final documents conforming to the
information already received by Ind-Ra.
Revive Construction Company (I) FB Fac(Long-/ST)*      WD               350      -
Pvt Ltd
Maintained in non-cooperating category and withdrawn,* Maintained at ‘IND D(ISSUER NOT
COOPERATING)’ before being withdrawn
Revive Construction Company (I) Non-FB Fac (ST)*       WD               200      -
Pvt Ltd
Maintained in non-cooperating category and withdrawn,* Maintained at ‘IND D(ISSUER NOT
COOPERATING)’ before being withdrawn
Revive Construction Company (I) Proposed FB                             300      -
Pvt Ltd                         Fac(Long-/ST)**
Maintained in non-cooperating category and withdrawn,** Maintained at ‘Provisional IND D(ISSUER
NOT COOPERATING)
Sindhuja Microcredit’S Bank     Bk loans               IND BBB-/Stable  500      Assigned
Loans
Somwarpet Infraproject Pvt Ltd  Rupee TL               IND BBB+/Stable  2570     Assigned
Waves Hotels And Estates Pvt    TL                     IND BBB-/Negative3250     Affirmed
Ltd
(Outlook revised to Negative from Stable)
Waves Hotels And Estates Pvt    TL                     IND BBB-/NegativeIND110   Assigned
Ltd
Waves Hotels And Estates Pvt    Proposed FB WC limits* WD               10       Withdrawn
Ltd
*The company did not proceed with the instrument as envisaged
Waves Hotels And Estates Pvt    Proposed non-FB WC     WD               100      Withdrawn
Ltd                             limits*
*The company did not proceed with the instrument as envisaged
-----------------------------------------------------------------------------------------------
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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