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India Ratings for Indian debt instruments – Nov 12

    Nov 12 - 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
November 11, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Anadrone Systems Pvt Ltd       Non-FB WC limits       IND A4           105     -
(Issuer Not Cooperating); Migrated to non-cooperating category
Asset Reconstruction Company   ST debt/CP# (CP)       IND A1+          2000    Affirmed
(I) Ltd
#The short-term debt has been carved out of the overall debt limit of INR7.5 billion; no amount
is outstanding.
Furnace Fabrica (I) Ltd        Non-FB limit           IND A4+          3355    Downgraded
(reduced from INR3400)
Steel Authority Of India Ltd   Non-FB WC limits       IND A1+          50000   Affirmed
Steel Authority Of India Ltd   CP (CP)                IND A1+          80000   Affirmed

LONG TERM RATINGS:
-------------------
Adamas Builders Pvt Ltd        TL                      IND AA/Stable   4270    Assigned
Anadrone Systems Pvt Ltd       FB WC limits           IND B-           35      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Asset Reconstruction Company   LT Bk loans            IND A+/Stable    7500    Affirmed
(I) Ltd
Furnace Fabrica (I) Ltd        FB limit               IND BB/Negative  630     Downgraded
Hazaribagh Tollway Ltd         TL*                    IND AA(CE)/Stable6803.6  Assigned
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. ) 
Hazaribagh Tollway Ltd         Unsupported rating     IND AA/Stable    -       Affirmed
Jai Bhavani Furnishing Pvt Ltd FB WC limits           IND BB-          80      -
(Issuer Not Cooperating) Maintained in non-cooperating category
Jai Bhavani Furnishing Pvt Ltd Proposed FB WC limits  WD               40      Withdrawn
(the company did not proceed with the instrument as envisaged)
Jhansi-Lalitpur Tollway Ltd    TL*                    IND AA(CE)/Stable325070  Assigned
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. ) 
Jhansi-Lalitpur Tollway Ltd    Unsupported rating     IND AA/Stable    -       Affirmed
Jhansi-Vigakhet Tollway Ltd    TL*                    IND AA(CE)/Stable1961.4  Assigned
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. ) 
Jhansi-Vigakhet Tollway Ltd    Unsupported rating     IND AA/Stable    -       Affirmed
Kanyakumari-Etturavattam       TL*                    IND AA(CE)/Stable3221.2  Assigned
Tollway Ltd
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. ) 
Kanyakumari-Etturavattam       Unsupported rating     IND AA/Stable    -       Affirmed
Tollway Ltd
Kotwa-Muzaffarpur Tollway Ltd  TL*                    IND AA(CE)/Stable4937.5  Assigned
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. ) 
Kotwa-Muzaffarpur Tollway Ltd  Unsupported rating     IND AA/Stable    -       Affirmed
Lucknow-Raebareli Tollway Ltd  TL*                    IND AA(CE)/Stable3091.3  Assigned
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. ) 
Lucknow-Raebareli Tollway Ltd  Unsupported rating     IND AA/Stable    -       Affirmed
Madurai-Kanyakumari Tollway LtdTL*                    IND AA(CE)/Stable4783.7  Assigned
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. ) 
Madurai-Kanyakumari Tollway LtdUnsupported rating     IND AA/Stable    -       Affirmed
Mahua Bharatpur Expressways LtdSeries A NCDs          IND AAA/Stable   1750    Affirmed
Mahua Bharatpur Expressways LtdSeries B NCDs          WD               34      Withdrawn
                                                                               (paid in full)
Nanguneri-Kanyakumari Tollway  TL*                    IND AA(CE)/Stable3583.5  Assigned
Ltd
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. ) 
Nanguneri-Kanyakumari Tollway  Unsupported rating     IND AA/Stable    -       Affirmed
Ltd
Parsvnath Hotels Ltd           TL (LT)                IND D            116.25  Affirmed
Salaipudhur-Madurai Tollway LtdTL*                    IND AA(CE)/Stable3364.4  Assigned
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. ) 
Salaipudhur-Madurai Tollway LtdUnsupported rating     IND AA/Stable    -       Affirmed
Spandana Sphoorty Financial LtdNCDs (NCDs)*           IND A/Stable     1500    Assigned
*Yet to be issued
Spandana Sphoorty Financial LtdMarket- linked         IND A/Stable     750     Assigned
                               debentures*
*Yet to be issued
Steel Authority Of India Ltd   Bonds                  IND AA-/Negative 63040   Affirmed
(reduced from INR95,070)
Steel Authority Of India Ltd   Bk loan                IND AA-/Negative 20000   Affirmed
Steel Authority Of India Ltd   Non-FB limits          IND AA-/Negative 50000   Affirmed
Steel Authority Of India Ltd   FB WC based limits     IND AA-/Negative 85000#  Affirmed
                                                      /IND A1+
# Consortium lead bank sanctioned limits INR100,000 million as on date
Steel Authority Of India Ltd   Public deposits        IND tAA/Negative 10000   Affirmed
The West Bengal Power          FB WC limits           IND              21000   Downgraded
Development Corporation Ltd                           BBB-/Stable/IND
                                                      A3
(increased from INR19)
The West Bengal Power          Non-FB WC limits       IND              3600    Downgraded
Development Corporation Ltd                           BBB-/Stable/IND
                                                      A3
(increased from INR2.6)
Va Tech Wabag Ltd              TL                     IND A+/Stable    600     Assigned
Va Tech Wabag Ltd              FB WC Fac              IND              4119    Assigned
                                                      A+/Stable/IND A1
Va Tech Wabag Ltd              Non-FB WC Fac          IND              31010   Assigned
                                                      A+/Stable/IND A1
Va Tech Wabag Ltd              Proposed fund and      IND              4271    Assigned
                               non-FB WC Fac*         A+/Stable/IND A1
* The agency has assigned final ratings to the proposed bank facilities as per Ind-Ra’s updated
policy. This is because the agency notes that debt seniority and general terms and conditions of
working capital facilities are likely to be the same as that of the existing ones.
-----------------------------------------------------------------------------------------------
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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