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India Ratings for Indian debt instruments – Oct 13

    Oct 13 - 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 12, 2020.

COMPANY                         INSTRUMENT            RATING           AMOUNT  MOVEMENT
                                                                      (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Go Airlines                    Non-FB WC facility$    IND A2           20780   Affirmed; Off
                                                                               RWN
$includes limit of INR10,000 million fully inter-changeable between fund-based and
non-fund-based facilities.
Go Airlines                    Proposed non-FB WC     IND A2           2500    Assigned; Off
                               facility#                                       RWN
#Provisional rating of the proposed bank facilities has been converted to final rating as per
Ind-Ra’s updated policy. This is because the agency notes that debt seniority and general terms
and conditions of working capital facilities tend to be uniform across banks, and are not a
rating driver. 

LONG TERM RATINGS:
-------------------
Go Airlines                    Proposed WC limit*#    IND BBB+/Stable/ 3550    Assigned; Off
                                                      IND A2                   RWN
#Provisional rating of the proposed bank facilities has been converted to final rating as per
Ind-Ra’s updated policy. This is because the agency notes that debt seniority and general terms
and conditions of working capital facilities tend to be uniform across banks, and are not a
rating driver.  
*The working capital limit can be used inter-changeably between fund-based and non-fund-based
facilities.
Go Airlines                    FB WC facility         IND              3520    Affirmed; Off
                                                      BBB+/Stable/IND          RWN
                                                      A2
Hinduja Leyland Finance Ltd    Lower tier II          IND AA-/Stable   0.35    Affirmed
                               subordinated debt
(reduced from INR2.5)
Hinduja Leyland Finance Ltd    Bk loan                IND AA-/Stable   1       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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