October 11, 2019 / 5:42 AM / 4 days ago

India Ratings for Indian debt instruments – Oct 11

    Oct 11 (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
October 10, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Sgd Pharma India Ltd            Non-FB limits          IND A3+          119      Affirmed
Sterling And Wilson Solar Ltd   CP (CP)#               IND A1+          3000     Affirmed
Off RWE,#The CP will be carved out of the existing working capital limits.
Tata Sons Pvt Ltd               CP                     IND A1+          100000   Affirmed

LONG TERM RATINGS:
-------------------
ITD Cementation India Ltd       TL                     IND A+/RWN       808      Placed on RWN
ITD Cementation India Ltd       FB WC limits           IND A+/RWN/IND   7716     Placed on RWN
                                                       A1/RWN
ITD Cementation India Ltd       Non-FB WC limits       IND A+/RWN/IND   36450    Placed on RWN
                                                       A1/RWN
ITD Cementation India Ltd       Project-specific       IND A+/RWN/IND   6450     Placed on RWN
                                non-FB limits          A1/RWN
ITD Cementation India Ltd       Proposed TL*           Provisional IND  192      Placed on RWN
                                                       A+/RWN
*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. 
ITD Cementation India Ltd       Proposed FB WC limits* Provisional IND  284      Placed on RWN
                                                       A+/RWN /
                                                       Provisional IND A1/RWN
*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. 
ITD Cementation India Ltd       Proposed non-FB WC     Provisional IND  3550     Placed on RWN
                                limits*                A+/RWN /
                                                       Provisional IND A1/RWN
ITD Cemindia Jv                 FB WC limits           IND A+/RWN/IND   1250     Placed on RWN
                                                       A1/RWN
Klm Infra’S                     TL                     WD               96.27    Withdrawn
Mytrah Ujjval Power Pvt Ltd     NCDs                   IND BBB+/Negative8200     Downgraded and
                                                                                 reassigned
Sgd Pharma India Ltd            FB limits              IND              290      Affirmed
                                                       BBB/Positive/IND
                                                       A3+
Sgd Pharma India Ltd            Term-Loan              WD               69.14    Withdrawn
(Paid in full)
Sterling And Wilson Solar Ltd   NCDs (NCDs)            IND AA-/Stable   1000     Assigned
Sterling And Wilson Solar Ltd   FB limits*             IND              1920     -
                                                       AA-/Stable/IND
                                                       A1+
(Long-term rating downgraded and assigned; Short-term rating assigned; Off RWE),*The assignment
of the final ratings follows the receipt of the final documents conforming to the information
already received by Ind-Ra. 
Sterling And Wilson Solar Ltd   Non-FBL                IND              9180     -
                                                       AA-/Stable/IND
                                                       A1+
Long-term rating  downgraded; Short-term rating affirmed; Off RWE
Sterling And Wilson Solar Ltd   Non-FBL*               IND              63260    -
                                                       AA-/Stable/IND
                                                       A1+
Long-term rating downgraded and assigned; Short-term rating assigned; Off RWE,*The assignment of
the final ratings follows the receipt of the final documents conforming to the information
already received by Ind-Ra. 
Sterling And Wilson Solar Ltd   Proposed FB limits**   Provisional IND  1080     -
                                                       AA-/Stable /
                                                       Provisional IND A1+
Long-term rating downgraded; Short-term rating affirmed; Off RWE,** The ratings are provisional
and shall be confirmed upon the sanction and execution of the loan documents for the above
facilities by SWSL to the satisfaction of Ind-Ra. 
Sterling And Wilson Solar Ltd   Proposed non-FBL**     Provisional IND  24560    -
                                                       AA-/Stable /
                                                       Provisional IND A1+
Long-term rating downgraded; Short-term rating affirmed; Off RWE,** The ratings are provisional
and shall be confirmed upon the sanction and execution of the loan documents for the above
facilities by SWSL to 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@thomsonreuters.com)
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