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India Ratings for Indian debt instruments – Nov 2

    Nov 2 - 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 30, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Trident Chemphar Ltd           Non-FB WC limits       IND A2+          7475    Affirmed
(increased from INR6,675)

LONG TERM RATINGS:
-------------------
Bhopal Dhule Transmission Co.  NCD                    IND AAA/Stable   6820    Affirmed
Ltd
(reduced from INR6,870)
Clover Energy Pvt Ltd          Rupee TL (RTL)*        WD               548.26  Affirmed and
                                                                               withdrawn
*Affirmed at ‘IND B-’/Negative before being withdrawn,(increased from INR527.30) **-Including
interest during moratorium.
Dhola Infra Projects Ltd       Proposed rupee TL*^    Provisional IND  4650    Assigned
                                                      AAA/Stable
*Unallocated
*Unallocated
^The final rating will be assigned following the receipt of the final documentation, conforming
to the information already received by Ind-Ra
Dibang Infra Projects Ltd      Proposed rupee TL*^    Provisional IND  3240    Assigned
                                                      AAA/Stable
*Unallocated
^The final rating will be assigned following the receipt of the final documentation, conforming
to the information already received by Ind-Ra
Indian Receivable Pgda Oct20 B Assignee payout        Provisional IND  3337.9  Assigned
                                                      BBB+(SO)/Stable
Prosper Jewel Arcade Ltd       FB limits              IND              1500    Assigned
                                                      BBB+/Stable/IND
                                                      A2
Riches Jewel Arcade Ltd        FB limits              IND              480     Assigned
                                                      BBB+/Stable/IND
                                                      A2
Riches Jewel Arcade Ltd        Proposed FB limits*    IND              20      Assigned
                                                      BBB+/Stable/IND
                                                      A2
*Unallocated
Shri Venkateshwara Shikshan    TL (LT)                IND D            121.7   -
Sanstha’S
(Issuer Not Cooperating) Maintained in non-cooperating category
Splendour Gold Collections Ltd FB limits              IND              1500    Assigned
                                                      BBB+/Stable/IND
                                                      A2
State Bank Of India            LT Issuer Rating       IND AA+/Stable   40000   Affirmed
State Bank Of India            Basel III AT1 Bonds    IND AA+/Stable   50000   Assigned
State Bank Of India            LT Issuer Rating       IND AAA/Stable   -       Affirmed
State Bank Of India            Basel III Tier II BondsIND AAA/Stable   150000  Affirmed
Trident Chemphar Ltd           FB WC limits           IND              730     Affirmed
                                                      A-/Positive/IND
                                                      A2+
(increased from INR530),Outlook revised to Positive from Stable
-----------------------------------------------------------------------------------------------
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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