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India Ratings for Indian debt instruments – Nov 4

    Nov 4 - 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 3, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Epl Ltd                        CP (CP)*               IND A1+          1000    Affirmed
*The CP has been carved out of the existing working capital facility.
Fedbank Financial Services Ltd ST Issuer Rating       IND A1+          -       Affirmed

LONG TERM RATINGS:
-------------------
Sansar Trust June2018’S        Second loss credit     IND A-(SO)/Stable375.68  Affirmed
(An Asset-Backed Securities    facility (SLCF)
Transaction)
Sansar Trust June2018’S        Series A pass-through  IND              2172.93 Affirmed
(An Asset-Backed Securities    certificates (PTCs)    AAA(SO)/Stable
Transaction)
Fedbank Financial Services Ltd Bk loan                IND AA-/Stable   40000   Assigned
Fedbank Financial Services Ltd NCD                    IND AA-/Stable   7500    Affirmed
(reduced from INR8.5)
Fedbank Financial Services Ltd NCDs - Subordinated    IND AA-/Stable   3500    Affirmed
                               debt
(increased from INR2.5)
Jalandhar Amritsar Tollways LtdBk loan (LT)           IND D            1417    -
(Issuer Not Cooperating); Migrated to non-cooperating category
Kukru Wind Power Pvt Ltd       Proposed TL*           Provisional IND  2340    Assigned
                                                      A-/Stable
*The final rating is contingent upon the receipt of executed financing documents in line with
the information received by Ind-Ra.
Kukru Wind Power Pvt Ltd       Proposed WC*           Provisional IND  100     Assigned
                                                      A-/Stable
*The final rating is contingent upon the receipt of executed financing documents in line with
the information received by Ind-Ra.
Maharaja Agrasen Hospital      Bk loans               IND BBB+/Stable  500     Assigned
Charitable Trust
Mahasemam Trust                Bk loans               IND BB+/Stable   949.39  Affirmed; Off
                                                                               RWN
Seabird Logisolutions Ltd      TL                     IND A-/Negative  320     Affirmed; off
                                                                               RWN
Seabird Logisolutions Ltd      FB WC limits           IND              75      Affirmed; off
                                                      A-/Negative/IND          RWN
                                                      A2+
Vamsi Chemicals                TL                     IND B+/Stable    2.9     Assigned
-----------------------------------------------------------------------------------------------
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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