November 1, 2019 / 6:21 AM / 12 days ago

India Ratings for Indian debt instruments – Nov 1

    Nov 1 (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
October 31, 2019.

COMPANY                         INSTRUMENT             RATING       AMOUNT      MOVEMENT
                                                                    (RS.MLN)
------                          ----------             ------       ------      ---------
SHORT TERM RATINGS:
-------------------
Annai Infra Developers Ltd      Non-FB limits          A2/RWN           2300     Placed on RWN
(increased from 1,510)
Annai Infra Developers Ltd      Proposed non-FB limits Provisional IND  350      -
                                                       A2/RWN
Assigned and placed on RWN
Marudhar Rocks International    Non-FBL                IND A3           95       Affirmed
Pvt Ltd
Safe & Secure Logistics Pvt Ltd Non-FB WC limit        IND A4+          5        -
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
Steel And Metal Tubes (I) Pvt   Non-FB WC limit        IND A4+          180      Affirmed
Ltd


LONG TERM RATINGS:
-------------------
Annai Infra Developers Ltd      FB limit               IND BBB/RWN      740      Placed on RWN
(increased from 640)
Annai Infra Developers Ltd      Proposed FB limit      Provisional IND  10       -
                                                       BBB/RWN
Assigned and placed on RWN
Apollo Hospitals Enterprise Ltd NCDs                   IND AA+/Stable   7000     Affirmed
Apollo Hospitals Enterprise Ltd Foreign currency debt  IND AA+/Stable   3051.6   Affirmed
(reduced from 3,135.2)
Apollo Hospitals Enterprise Ltd TL                     IND AA+/Stable   12048.4  Affirmed
(reduced from 12,064.8)
Apollo Hospitals Enterprise Ltd FB WC limits           IND              2400     Affirmed
                                                       AA+/Stable/IND
                                                       A1+
(increased from 2,300)
Eveready Industries India Ltd   FB limits              IND BB/ Negative 1600     Downgraded
                                                       /IND A4+
Outlook Negative; Off RWN
Eveready Industries India Ltd   Non-FB limits          IND BB/ Negative 1200     Downgraded
                                                       /IND A4+
Outlook Negative; Off RWN
Eveready Industries India Ltd   TL                     IND BB/Negative  3010.4   Downgraded
Outlook Negative; Off RWN
Gmr Aero Technic Ltd            NCD                    WD               1750     Withdrawn
Gmr Air Cargo And Aerospace     Unsupported Ratings^   IND A/Stable     -        Assigned
Engineering Ltd
^Ind-Ra has assigned unsupported rating in compliance with the Securities Exchange Board of
India’s circular dated 13 June, 2019, which requires credit rating agencies to disclose
unsupported ratings without factoring in the explicit credit enhancement (CE) and supported
rating after factoring in the explicit CE.
Gmr Air Cargo And Aerospace     NCD I                  IND AA(CE)/Stable1000     Affirmed
Engineering Ltd
Gmr Air Cargo And Aerospace     NCD II                 IND AA(CE)/Stable1750     Assigned
Engineering Ltd
Home Credit Cl 2019 Titan       Series A pass-through  Provisional IND  701.33   Assigned
                                certificates (PTCs)    A+(SO)/Stable
India Grid Trust                NCDs (NCDs)*           IND AAA/Stable   14000    Assigned
*The final rating has been assigned based on executed debenture trustee deed in line with the
term sheet considered for the provisional rating.
India Grid Trust                NCDs                   IND AAA/Stable   6850     Affirmed
India Grid Trust                Bk loan                IND AAA/Stable   10000    Affirmed
K.B. Gems                       FB CC                  IND              240      Long-term
                                                       BB/Stable/IND A4+         downgraded
Short-term affirmed
Marudhar Rocks International    FB limits              IND BBB-/        75       Affirmed
Pvt Ltd                                                Negative
Outlook Revised to Negative
Marudhar Rocks International    TL                     IND BBB-/        1300     Affirmed
Pvt Ltd                                                Negative/ IND A3
Outlook Revised to Negative
Marudhar Rocks International    Proposed FB limits     Provisional IND  200      Affirmed
Pvt Ltd                                                BBB-/Negative/
                                                       Provisional IND A3
Outlook Revised to Negative
Noble Educational Trust         TL                     IND BB/Stable    69.28    Affirmed
(reduced from 74.62)
Noble Educational Trust         FB WC                  IND BB/Stable    2.5      Affirmed
Safe & Secure Logistics Pvt Ltd FB WC limit            IND BB+/IND A4+  190      -
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
Steel And Metal Tubes (I) Pvt   FB WC limit            IND              110      Affirmed
Ltd                                                    BB+/Negative/IND
                                                       A4+
Outlook revised to Negative from Stable
Sushee Infra & Mining Ltd       FB WC limits (LT/ST)   IND D            1000     Downgraded
Sushee Infra & Mining Ltd       Non-FB WC limits(LT/ST)IND D            4940     Downgraded
(reduced from 5,320)
Sushee Infra & Mining Ltd       Proposed FB WC limits  WD               200      Downgraded &
                                (LT/ST)*                                         withdrawn
(the company did not proceed with the issue as envisaged)/*Downgraded to ‘Provisional IND D’
before being withdrawn
Sushee Infra & Mining Ltd       Proposed non-FB WC     WD               2680     Downgraded &
                                limits (LT/ST)*                                  withdrawn
(the company did not proceed with the issue as envisaged)/*Downgraded to ‘Provisional IND D’
before being withdrawn


-----------------------------------------------------------------------------------------------
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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below