March 5, 2018 / 4:28 AM / 5 months ago

India Ratings for Indian debt instruments – Mar 5

    Mar 5 (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 1, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Avi Global Plast                Non-FB WC facility     IND A3           1800     -
Migrated to Non-Cooperating Category
The Rajaratna Mills             Non-FB limits          IND A4+          865      Assigned

Avi Global Plast                FB WC facility         IND BBB- / A3    2100     -
Migrated to Non-Cooperating Category
Belgaum Wind Farm               Senior project Bk loan IND BBB-         7000     -
Downgraded and placed on RWN
Cesco                           Non-FB WC limits       IND A            15000    Assigned
Doaba Khalsa Trust              TL (LT)                IND D            3360     -
Maintained in Non-Cooperating Category
Hsil                            CP                     WD               5000     Withdrawn
Infrastructure Leasing &        LT debt                IND AAA          100000   Assigned
Financial Services
Patna Sahib Charitable          TL (LT)                IND D            2175     -
Educational Trust
Maintained in Non-Cooperating Category
Sansar Trust                    Second loss credit     IND A-           787.8    Assigned
                                facility (SLCF)
Sansar Trust                    Series A pass-through  IND AA+          19694.5  Assigned
                                certificates (PTCs)
Sansar Trust Dec 2017           Second Loss Credit     IND A-           2238.4   Assigned
                                Facility (SLCF)
Sansar Trust Dec 2017           Series A pass-through  IND AAA          44768.1  Assigned
                                certificates (PTCs)
Sansar Trust December 2017 V    Second loss credit     IND A-           2252.9   Assigned
                                facility (SLCF)
Sansar Trust December 2017 V    Series A pass-through  IND AAA          40962.3  Assigned
                                certificates (PTCs)
Star School Samiti              TL (LT)                IND D            895      -
Maintained in Non-Cooperating Category
Star School Samiti              FB WC facility (LT)    IND D            200      -
Maintained in Non-Cooperating Category
The Rajaratna Mills             Long-TL                IND BB           1198     Assigned
The Rajaratna Mills             FB limits              IND BB /IND A4+  2500     Assigned

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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