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India Ratings for Indian debt instruments – Nov 5

    Nov 5 - 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 4, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                     (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Dee Vee Projects Ltd           Proposed non-FB limit*#IND A4+          691.3   Downgraded and
                                                                               assigned
*The provisional rating of the proposed fund-/non-fund-based facilities has been converted to
final rating as per India Ratings’ updated policy. This is because the agency notes that debt
seniority and general terms and conditions of the proposed limits tend to be uniform across
lenders, and are not a rating driver.#Downgraded to Provisional IND A4+ before being assigned
,(Issuer Not Cooperating)
Motilal Oswal Financial        CP*                    IND A1+          2000    Assigned
Services Ltd
*Yet to be issued
Motilal Oswal Financial        CP                     IND A1+          13000   Assigned
Services Ltd

LONG TERM RATINGS:
-------------------
Avaada Sustainable Energy Pvt  TL                     IND A-/Stable    1231.7  Assigned
Ltd
Dee Vee Projects Ltd           FB WC limit            IND BB+          160     Downgraded
Dee Vee Projects Ltd           TL                     IND BB+          430     Downgraded
Dee Vee Projects Ltd           Proposed FB WC limit*^ IND BB+          60      Downgraded and
                                                                               assigned
*The provisional rating of the proposed fund-/non-fund-based facilities has been converted to
final rating as per India Ratings’ updated policy. This is because the agency notes that debt
seniority and general terms and conditions of the proposed limits tend to be uniform across
lenders, and are not a rating driver.^Downgraded to Provisional IND BB+ before being
assigned,(Issuer Not Cooperating)
Dee Vee Projects Ltd           NFB WC limit           IND BB+ / IND A4+1758.7  Downgraded
Gawar Rohna Jhajjar Highway PvtSenior secured rupee TLIND AA-/Positive 2690*   Assigned
Ltd
*Out of the available limit of INR2,690.0 million, GRJHPL expects to draw down a total debt of
INR2,560.0 million till the receipt of the first annuity payment in January 2021.
Meenakshi Energy Ltd           Senior Bk loan phase I IND D            10570   Affirmed
                               (LT)
Issuer did not cooperate; based on the best available information
Meenakshi Energy Ltd           Senior Bk loan phase   IND D            23311.7 Affirmed
                               II (LT)
Issuer did not cooperate; based on the best available information
Meenakshi Energy Ltd           Additional TL (LT)     IND D            11310   Affirmed
Issuer did not cooperate; based on the best available information
Mm Trust Dec 19 I (An          Series A PTC (PTCs)    IND              4223.82*Assigned
Asset-Backed Securities                               AAA(SO)/Stable
Transaction)
**principal outstanding as on issuance is INR4,829.2 million
P-One Infrastructure Pvt Ltd   TL 1 – LRD             IND A-/Stable    4113    Assigned
P-One Infrastructure Pvt Ltd   TL 2 - LRD             IND A-/Stable    1077    Assigned
P-One Infrastructure Pvt Ltd   Proposed TL 3 – LRD*   Provisional IND  1250    Assigned
                                                      A-/Stable
*The rating is provisional and shall be confirmed on sanction and execution of loan documents
for the above facility at the satisfaction of Ind-Ra.
-----------------------------------------------------------------------------------------------
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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