March 29, 2019 / 6:23 AM / in 20 days

India Ratings for Indian debt instruments – Mar 29

    Mar 29 (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
March 28, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Northern Arc 2019 Csl Pisces    Series A1 pass-through Provisional IND  117.51   Assigned
(An Asset-Backed Security       certificates (PTCs)    A3+(SO)
Transaction)
Vishvas Power Engineering       Non-FB limit           IND A4           120      Upgraded
Services Pvt Ltd

LONG TERM RATINGS:
-------------------
Afp Manufacturing Company Pvt   TL                     IND BBB-         183.95   Assigned
Ltd
Afp Manufacturing Company Pvt   FB WC limits           IND BBB-         100      Assigned
Ltd
Arpee Energy Minerals Pvt Ltd   FB limit               IND BB-          70       Assigned
Cauvery Neeravari Nigama Ltd    Bk loans               IND AA-(SO)      5350     Assigned
Grasim Industries Ltd           LT Issuer Rating       IND AAA                   Affirmed
Hotel Swosti Pvt. Ltd.          TL                     IND BB           46.7
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Hotel Swosti Pvt. Ltd.          FB limits              IND BB           7.5
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Mfl Securitisation Trust Lxxv   Series A1 pass-through Provisional IND  493.8    Reassigned
(An ABS Transaction)            certificates* (PTCs)   A(SO)
*The earlier issue size was INR494.5 million
Mfl Securitisation Trust Lxxv   Series A2 PTCs**       Provisional IND  37.2     Reassigned
(An ABS Transaction)                                   BBB-(SO)
**The earlier issue size was INR26.0 million
Mfl Securitisation Trust Lxxv   Second Loss Credit     WD               26       Withdrawal
(An ABS Transaction)            Facility# (SLCF)
#The rating has been withdrawn due to a change in the transaction structure
Ntpc Bhel Power Projects Pvt LtdNon-FB limits          IND BB-/ IND A4+ 1.7      Downgraded
Sansar Trust March 2017 Vii’S   Series A pass-through  IND AA+(SO)      293.69   Affirmed
(An ABS Transaction)            certificates (PTCs)
Sansar Trust March 2017 Vii’S   Second loss credit     IND BBB(SO)      100.2    Affirmed
(An ABS Transaction)            facility (SLCF)
Sansar Trust March 2017 Viii    Series A pass-through  IND AA+(SO)      43.23    Affirmed
(An ABS Transaction)            certificates (PTCs)
Sansar Trust March 2017 Viii    Second loss credit     IND BBB(SO)      23.2     Affirmed
(An ABS Transaction)            facility SLCF
Se Solar Ltd                    TL                     IND A-           1500     Assigned
Se Solar Ltd                    TL                     IND A-           USD19.5  Assigned
Tata Steel Ltd                  Non-FB limits          IND AA/ IND A1+  4        Assigned
Vishvas Power Engineering       Long-TL                IND B            4        Upgraded
Services Pvt Ltd
Vishvas Power Engineering       Long-TL*               IND B            15       Assigned
Services Pvt Ltd
*The final rating has been assigned following the receipt of the executed financing documents by
Ind-Ra.
Vishvas Power Engineering       FB Limit               IND B/ IND A4    75       Upgraded
Services Pvt Ltd
-----------------------------------------------------------------------------------------------
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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