November 14, 2019 / 4:47 AM / a month ago

India Ratings for Indian debt instruments – Nov 14

    Nov 14 (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
November 13, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Kaytee Corporation Pvt Ltd      Non-FB WC limit        IND A4+          35       -
(Issuer Not Cooperating)/Migrated to non-cooperating category
National Fertilizers Ltd        Non-FB WC              IND A1+          INR20    Affirmed
National Fertilizers Ltd        CP*                    IND A1+          INR60    Affirmed
* Within the fund-based working capital limits
Suganya Construction            Non-FB Fac             IND A4+          80       Assigned
Venus Denim                     Non-FB Fac             IND A3           40       -
(Issuer Not Cooperating)/Migrated to non-cooperating category

LONG TERM RATINGS:
-------------------
Aarush (Phase Iv) Logistics     TL                     IND A-/Stable    1100     Assigned
Park Pvt Ltd 
Aarush (Phase V) Logistics Park TL                     IND A-/Stable    1100     Assigned
Pvt Ltd
India Standard Loan Trust       Series A pass-through  IND AA(SO)/Stable166.98   Affirmed
-Xxxix’S                        certificates (PTCs)
India Standard Loan Trust       Liquidity facility (LF)IND              9.95     Affirmed
-Xxxix’S                                               AAA(SO)/Stable
India Standard Loan Trust       Second loss credit     IND              48.75    Affirmed
-Xxxix’S                        facility (SLCF)        BBB(SO)/Stable
Kaytee Corporation Pvt Ltd’S    TL                     IND BB           17.3     -
(Issuer Not Cooperating)/Migrated to non-cooperating category
Kaytee Corporation Pvt Ltd’S    FB WC limit            IND BB/ IND A4+  242      -
(Issuer Not Cooperating)/Migrated to non-cooperating category
Mm Trust Sep 15 I               Series A pass-through  IND              0.89     Affirmed
                                certificates (PTCs)    AA+(SO)/Stable
National Fertilizers Ltd        FB WC                  IND AA           INR60    Affirmed
                                                       /Negative/IND A1+
Outlook revised to Negative
National Fertilizers Ltd        Long-TL - External     IND AA/Negative  INR1.56  Affirmed
                                Commercial
                                Borrowings (ECB)
Outlook revised to Negative
National Fertilizers Ltd        Proposed FB WC**       Provisional IND  INR2.14  Affirmed
                                                       AA /Negative/
                                                       Provisional IND A1+
**The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facility by NFL to the satisfaction of Ind-Ra., Outlook revised to
Negative.
Northern Arc 2018 Mfi Foreman   Series A1a             IND A(SO)/Stable 16.6     Affirmed
                                pass-through
                                certificates (PTCs)
Northern Arc 2018 Mfi Foreman   Series A1b             IND A(SO)/Stable 15.7     Affirmed
                                pass-through
                                certificates (PTCs)
Northern Arc 2018 Mfi Foreman   Series A2 PTCs         IND              15.4     Affirmed
                                                       BBB+(SO)/Stable
Odisha Power Transmission       Long-TL                IND A-           5600     -
Corporation Ltd
(Issuer Not Cooperating)/Migrated to non-cooperating category
Pami Metals Pvt. Ltd.’S         FB limit (LT/ST)       IND D            340      Downgraded
Pami Metals Pvt. Ltd.’S         TL (LT)                IND D            23       Downgraded
Pami Metals Pvt. Ltd.’S         Non-FB limit (ST)      IND D            10       Downgraded
Patel Cholopuram-Thanjavur      TL                     IND BBB+/        6458.9   Downgraded
Highway Pvt Ltd’S                                      Negative
Patel Infrastructure Ltd’S      FB Fac*                WD               1.6      Downgraded &
                                                                                 withdrawn
Patel Infrastructure Ltd’S      Proposed FB limits     WD               0.9      Withdrawn
Patel Infrastructure Ltd’S      Non-FBL*               WD               7.5      Downgraded &
                                                                                 withdrawn
*Downgraded to ‘IND BBB+’/Negative/‘IND A2’ from ‘IND A-’/Stable/‘IND A2+’ before being
withdrawn.
Platinum Trust June 2018        Series A PTC           IND              2403.5   Affirmed
                                                       AAA(SO)/Stable
Platinum Trust June 2018        Second loss credit     IND              270.8    Affirmed
                                facility (SLCF)        BBB(SO)/Stable
Platinum Trust June 2018        Series A pass-through  IND              1872.08  Affirmed
Tranche Ii’S                    certificates (PTCs)    AAA(SO)/Stable
Platinum Trust June 2018        Second loss credit     IND              267.35   Affirmed
Tranche Ii’S                    facility (SLCF)        BBB-(SO)/Stable
Platinum Trust March 2017       Series A pass-through  IND              1481.8   Affirmed
                                certificates (PTCs)    AAA(SO)/Stable
Platinum Trust March 2017       Second loss credit     IND              162.3    Affirmed
                                facility (SLCF)        BBB(SO)/Stable
Prime Insulators Pvt Ltd        TL#                    WD               40       -
(Issuer Not Cooperating)/Migrated to non-cooperating category,
#Migrated to ‘IND BB- before being withdrawn
Prime Insulators Pvt Ltd        FB Fac*                WD               40       -
(Issuer Not Cooperating)/Migrated to non-cooperating category,
*Migrated to ‘IND BB-/‘IND A4+(ISSUER NOT COOPERAT
Prime Insulators Pvt Ltd        Non-FB Fac**           WD               50       -
(Issuer Not Cooperating)/Migrated to non-cooperating category,
**Migrated to ‘IND A4+ before being withdrawn
Prime Insulators Pvt Ltd        Proposed FB Fac***     WD               10       -
(Issuer Not Cooperating)/Migrated to non-cooperating category,
***Migrated to ‘Provisional IND BB-/‘Provisional I
Prime Insulators Pvt Ltd        Proposed non-FB Fac****WD               10       -
(Issuer Not Cooperating)/Migrated to non-cooperating category,
****Migrated to ‘Provisional IND A4+ before being
Sepc Power Pvt Ltd              LT senior project Bk   IND BBB-/Stable  24491.6  Affirmed
                                loan
Suganya Construction            FB Fac                 IND              200      Assigned
                                                       BB/Stable/IND A4+
Tata Power Co. Ltd              NCDs#                  IND AA/Stable    2.2      Assigned
#Yet to be issued. The final rating has been assigned following the receipt of the final
documents, including the signed term sheet and debenture trustee agreement, by the agency. The
final terms and conditions are in line with the information already received by Ind-Ra, based on
which the provisional rating was assigned.
Tata Power Co. Ltd              Proposed NCDs*         Provisional IND  15       Assigned
                                                       AA/Stable
* The final rating will be assigned following the final issuance and the receipt of the final
documentation, conforming to the information already received by Ind-Ra. TPCL plans to issue
NCDs worth INR6 billion with a greenshoe option of up to INR9 billion with a tenor ranging from
three-to-five years and three months.
Venus Denim                     Long-TL                IND BBB-         758.4    -
(Issuer Not Cooperating)/Migrated to non-cooperating category
Venus Denim                     FB Fac                 IND BBB- / IND A3350      -
(Issuer Not Cooperating)/Migrated to non-cooperating category
-----------------------------------------------------------------------------------------------
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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