November 4, 2019 / 8:07 AM / 3 months ago

India Ratings for Indian debt instruments – Nov 4

    Nov 4 (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 1, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Kartar Agro Industries Pvt Ltd  Non-FB WC limit        IND A3           47.5
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
P.K. & Company                  Non-FB limits          IND A4+          250
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
Tata Steel Ltd                  CP                     IND A1+          150      Affirmed


LONG TERM RATINGS:
-------------------
Adani Green Energy Ltd          Long-TL                IND A/Stable     17930    Affirmed
Adani Green Energy Ltd          FB limits              IND A/Stable/IND 70       Affirmed
                                                       A1
Adani Green Energy Ltd          Non-FB limits          IND A/Stable/IND 34500    Affirmed
                                                       A1
(increased from INR32.5)
Adani Green Energy Ltd          Proposed TL*           Provisional IND A3000     Assigned
                                                       Stable/Provisional
                                                       IND A1
*The ratings are provisional and final rating will be assigned following the receipt of the
final documentation.
Antony Road Transport Solutions TL                     IND BB           200
Pvt Ltd
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
Dream Gateway Hotels Ltd        Long-TL                IND BBB-         700
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
Dream Gateway Hotels Ltd        FB limit               IND BBB-         50
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
Happiest Minds Technologies Pvt TL                     IND BBB/Stable   130      Assigned
Ltd
Jana Capital Ltd                NCDs*                  IND B+/Stable    1.5      Assigned
*The final rating has been assigned after the receipt of the final documents, including the term
sheet and debenture trustee deed, by Ind-Ra.
Kartar Agro Industries Pvt Ltd  TL                     IND BBB-         24.5
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
Kartar Agro Industries Pvt Ltd  FB WC limit            IND BBB-/IND A3  258
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
Northern Arc 2019 Mca Libra     Series A1 pass-through Provisional IND  130.1    Assigned
                                certificates (PTCs)    BBB+(SO)/Stable
Owens-Corning (I) Pvt Ltd       WC Fac                 IND              500      Affirmed
                                                       AA/Negative/IND
                                                       A1+
Outlook revised to Negative
P.K. & Company                  FB limits              IND BB-          50
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
Platinum Trust December 2017    Series A pass-through  IND AAA          2831     Affirmed
                                certificates (PTCs)    (SO)/Stable
Platinum Trust December 2017    Second loss credit     IND              233.74   Affirmed
                                facility (SLCF)        BBB(SO)/Stable
Rubber O Malabar Products Pvt   TL (LT)                IND D            45.8     Affirmed
Ltd
(ISSUER NOT COOPERATING)
Rubber O Malabar Products Pvt   FB Fac (LT/ST)         IND D            14.2     Affirmed
Ltd
(ISSUER NOT COOPERATING)
Rushabh Flour Mills Pvt Ltd     FB WC limit            IND BB/IND A4+   60
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
Rushabh Flour Mills Pvt Ltd     Proposed FB WC limit   Provisional IND  30
                                                       BB/Provisional
                                                       IND A4+
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
Tata Steel Ltd                  NCDs                   IND AA/Stable    71.51    Affirmed
Tata Steel Ltd                  Bk Fac                 IND              252.93   Affirmed
                                                       AA/Stable/IND A1+
Tata Steel Ltd                  WC Fac                 IND                       Affirmed
                                                       AA/Stable/IND A1+
Tata Steel Ltd                  Proposed LT debt (TL)# Provisional IND  5        Assigned
                                                       AA/Stable
# The ratings are provisional and shall be confirmed upon the sanction and execution of
loan/transaction documents for the above instruments to the satisfaction of Ind-Ra.
Tata Steel Ltd                  Proposed Non-FBL#      Provisional IND A11.65    Assigned
                                                       /Stable/Provisional
                                                       IND A1+
# The ratings are provisional and shall be confirmed upon the sanction and execution of
loan/transaction documents for the above instruments to the satisfaction of Ind-Ra.
Tata Steel Ltd                  Proposed FBL#          Provisional IND A6        Assigned
                                                       /Stable/Provisional
                                                       IND A1+
# The ratings are provisional and shall be confirmed upon the sanction and execution of
loan/transaction documents for the above instruments to the satisfaction of Ind-Ra.
The Orissa State Co-Operative   FB WC limits           IND BBB-         500      -
Milk Producers’ Federation Ltd
(ISSUER NOT COOPERATING)/Migrated to non-cooperating category
Vodafone Idea Ltd               NCDs (NCDs)            IND BBB/RWN      35000    Downgraded
placed on RWN
Volvo Financial Services (I)    Bk loans               IND AAA/Stable   14500    Affirmed
Pvt Ltd
-----------------------------------------------------------------------------------------------
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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below