November 24, 2017 / 5:02 AM / in a year

India Ratings for Indian debt instruments – Nov 24

    Nov 24 (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 23, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Adani Green Energy Ltd          Short-TL               IND A1           1500     Assigned
Ultra Denim Pvt Ltd             Non-FB WC limits       IND A4+          25       Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating

LONG TERM RATINGS:
-------------------
Adani Green Energy Ltd          Non-FB limits          IND A /IND A1    15000    Assigned
Barmalt Malting (I) Pvt Ltd     TL                     IND A            48.3     Upgraded from
                                                                                 IND A-
Barmalt Malting (I) Pvt Ltd     Fund- and non-FB WC    IND A/ IND A1    1330     Upgraded from
                                limits                                           IND A-/
                                                                                 Affirmed
India Standard Loan Trust –     Series A pass-through  IND AA (SO)      612.5    Affirmed
Xxxviii                         certificates (PTCs)
India Standard Loan Trust –     Liquidity facility (LF)IND AAA(SO)      11.15    Affirmed
Xxxviii
India Standard Loan Trust –     Second loss credit     IND BBB(SO)      52.98    Affirmed
Xxxviii                         facility (SLCF)
M/S Heena Enterprises           FB WC limits           IND BB- /IND A4+ 260      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
M/S Heena Enterprises           Proposed FB WC limits  Prov IND BB-     100      Migrated to
                                                       /Prov IND A4+             Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Mfl Securitisation Trust - LIX  Liquidity facility (LF)Prov IND AAA(SO) 22.93    Assigned
Mfl Securitisation Trust - LIX  Series A1 pass-through Prov IND AAA(SO) 1436.99  Assigned
                                certificates (PTCs)
Mfl Securitisation Trust - LIX  Series A2 PTCs         Prov IND AAA(SO) 91.72    Assigned
Mfl Securitisation Trust - LIX  Second loss credit     Prov IND BBB(SO) 107.01   Assigned
                                facility (SLCF)
Swaraj India Agro Ltd           Long-TL                IND BBB-         1904.3   Assigned
Swaraj India Agro Ltd           FB Fac                 IND BBB- /IND A3 230      Assigned
Ultra Denim Pvt Ltd             TL                     IND BB-          772.7    Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
Ultra Denim Pvt Ltd             FB WC limits           IND BB- /IND A4+ 110      Migrated to
                                                                                 Non Cooperating
                                                                                 Category
Issuer Not Cooperating
-----------------------------------------------------------------------------------------------
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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