November 25, 2019 / 10:23 AM / 21 days ago

India Ratings for Indian debt instruments – Nov 25

   Nov 25 (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 22, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Anadrone Systems Pvt Ltd        Non-FB WC limits#      IND A4           105      Downgraded and
                                                                                 reassigned
# Reassigned 'IND A4' after being downgraded to 'IND D'
High Ground Enterprise Ltd      Non-FBL                IND A4           5        Downgraded
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best-available information)
Hindustan Petroleum Corporation CP                     IND A1+          150000   Affirmed
Ltd
Ivp Ltd                         Non-FB WC limits       IND A3           500      Affirmed
Siddhayu Ayurvedic Research     Non-FB WC Fac          IND A3           335      Affirmed
Foundation Pvt. Ltd
 (increased from INR65)
Vertigo Impex Pvt Ltd           Non-FBL                IND A4+          250      Affirmed

LONG TERM RATINGS:
-------------------
Aarvee Denims And Exports Ltd   Term deposit programme IND tD           950      Downgraded
                                (LT)
Air India Assets Holding Ltd    Unsupported rating$    IND AA/Stable    -        Assigned
#The final rating has been assigned after the execution of the debenture trust deed and the
receipt of final documents by the agency. The payment mechanism conforms to the information
already received by Ind-Ra based on which the provisional rating was assigned. Therefore, the
final rating is the same as the provisional rating assigned on 25 September 2019. The principal
redemption will be through a bullet repayment at the end of the tenor.
Air India Assets Holding Ltd    NCDs (NCDs)#           IND              149850   Assigned
                                                       AAA(CE)/Stable
# Reassigned 'IND A4' after being downgraded to 'IND D'
Anadrone Systems Pvt Ltd        FB WC limits*          IND B- /Stable   35       Downgraded and
                                                                                 reassigned
* Reassigned 'IND B-'/Stable after being downgraded to 'IND D'
High Ground Enterprise Ltd      FB limits              IND C            202.5    Downgraded
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best-available information)
High Ground Enterprise Ltd      TL                     IND C            37.5     Downgraded
(ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best-available information)
Hindustan Petroleum Corporation NCDs                   IND AAA/Stable   55000    Affirmed
Ltd
Hindustan Petroleum Corporation WC limits              IND              450000   Affirmed
Ltd                                                    AAA/Stable/IND
                                                       A1+
Hindustan Petroleum Corporation Proposed NCDs          Provisional IND  15000    Affirmed
Ltd                                                    AAA/Stable
Il&Fs Financial Services Ltd    NCDs (NCDs) (LT)       IND D            49850    Affirmed
Il&Fs Financial Services Ltd    Subordinated debt (LT) IND D            11000    Affirmed
Il&Fs Financial Services Ltd    Bk loans (LT)          IND D            7587.5   Affirmed
Il&Fs Financial Services Ltd    ST debt/CP programme^  IND D            7000     Affirmed
                                (ST)
^Unutilised
Infrastructure Leasing &        LT debt (LT)           IND D            3600.8   Affirmed
Financial Services Ltd
Infrastructure Leasing &        Subordinated debt^ (LT)IND D            1000     Affirmed
Financial Services Ltd
^Unutilised
Infrastructure Leasing &        ST debt (ST)           IND D            12250    Affirmed
Financial Services Ltd
Infrastructure Leasing &        Bk loans (LT)          IND D            3000     Affirmed
Financial Services Ltd
Insta Sme Trust Nov 2019        Series A1 pass-through Provisional IND  776.35   Assigned
                                certificates (PTCs)    AAA(SO)/Stable
IVP Ltd                         FB WC limits           IND BBB-/        1190     Affirmed
                                                       Negative/ IND A3
MFL Securitisation Trust Xcv    Series A1 pass-through Provisional IND  1509.3   Assigned
                                certificates (PTCs)*   AA(SO)/Stable
* The assignment of final ratings is contingent upon the receipt of final documents conforming
to the information already received.
MFL Securitisation Trust Xcv    Series A2 PTCs*        Provisional IND  38.7     Assigned
                                                       AA(SO)/Stable
* The assignment of final ratings is contingent upon the receipt of final documents conforming
to the information already received.
MFL Securitisation Trust Xcv    Second-loss credit     Provisional IND  38.7     Assigned
                                facility (SLCF)*       BBB-(SO)/Stable
* The assignment of final ratings is contingent upon the receipt of final documents conforming
to the information already received.
Renew Solar Energy (Telangana)  TL                     -                78556900 Withdrawn
Pvt Ltd
Siddhayu Ayurvedic Research     CC limits              BBB-/IND A3      215      Affirmed
Foundation Pvt. Ltd
Siddhayu Ayurvedic Research     TL                     BBB-/Negative    1100.43  Affirmed
Foundation Pvt. Ltd
(reduced from INR1,214.8)
Texmaco Rail And Engineering LtdTL                     IND A/RWN        1150     Downgraded;
                                                                                 placed on RWN
Texmaco Rail And Engineering LtdFB limits              IND A/RWN/IND    2990     Downgraded;
                                                       A1/RWN                    placed on RWN
Texmaco Rail And Engineering LtdNon-FB limits          IND A/RWN/IND    16670    Downgraded;
                                                       A1/RWN                    placed on RWN
Vertigo Impex Pvt Ltd           FB limits              IND              75       Affirmed
                                                       BB+/Stable/IND
                                                       A4+
Viliam August 2019              Series A pass-through  IND A-(SO)/Stable907.45   Assigned
                                certificates (PTCs)
-----------------------------------------------------------------------------------------------
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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