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India Ratings for Indian debt instruments – Oct 14

    Oct 14 - 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 13, 2020.

COMPANY                         INSTRUMENT            RATING         AMOUNT   MOVEMENT
                                                                     (RS.MLN)
------                          ----------            ------         ------   ---------
SHORT TERM RATINGS:
-------------------
Stove Kraft                    Non-FB WC limits#      IND A3           350     Affirmed
#Fungible with fund-based limits

LONG TERM RATINGS:
-------------------
Electrosteel Castings Ltd      Long-TL                IND A-/RWP       13100   -
(reduced from INR14.67)(Placed on RWP)
Electrosteel Castings Ltd      Proposed FB WC limits* IND A-/RWP/ IND  550     Assigned
                                                      A2+/RWP
(Placed on RWP)* The provisional ratings of the proposed bank facilities have been converted to
final ratings 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 are likely to be the
same as that of the existing ones.
Electrosteel Castings Ltd      FB WC limits           IND A-/RWP/IND   4850    -
                                                      A2+
(Placed on RWP)
Electrosteel Castings Ltd      Non-FB WC limits       IND A2+/RWP      5530    -
(Placed on RWP)
Electrosteel Castings Ltd      Proposed non-FB WC     IND A2+/RWP      760     Assigned
                               limits*
(Placed on RWP)* The provisional ratings of the proposed bank facilities have been converted to
final ratings 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 are likely to be the
same as that of the existing ones.
Hazaribagh Tollway Ltd         Unsupported rating     IND AA/Stable    -       Assigned
Hazaribagh Tollway Ltd         Proposed TL            Provisional IND  6803.6  Assigned
                                                      AA(CE)/Stable
Indian Receivable Trust June 18Series A pass-through  IND              1192.4  Affirmed
A’ (An Abs Transaction)        certificates (PTCs)    AAA(SO)/Stable
Indian Receivable Trust June 18Second loss credit     IND              297.3   Affirmed
A’ (An Abs Transaction)        facility (SLCF)        BBB(SO)/Stable
Jhansi-Lalitpur Tollway Ltd    Unsupported rating     IND AA/Stable    -       Assigned
Jhansi-Lalitpur Tollway Ltd    Proposed TL            Provisional IND  3250.7  Assigned
                                                      AA(CE)/Stable
Jhansi-Vigakhet Tollway Ltd    Unsupported rating     IND AA/Stable    -       Assigned
Jhansi-Vigakhet Tollway Ltd    Proposed TL            Provisional IND  1961.4  Assigned
                                                      AA(CE)/Stable
K P Woven Pvt Ltd              Proposed FB WC limit*  IND BB/Stable    200     Assigned
*Unallocated limits
K P Woven Pvt Ltd              TL                     IND BB/Stable    180     Assigned
Kanyakumari-Etturavattam       Unsupported rating     IND AA/Stable    -       Assigned
Tollway Ltd
Kanyakumari-Etturavattam       Proposed TL            Provisional IND  3221.2  Assigned
Tollway Ltd                                           AA(CE)/Stable
Kotwa-Muzaffarpur Tollway Ltd  Unsupported rating     IND AA/Stable    -       Assigned
Kotwa-Muzaffarpur Tollway Ltd  Proposed TL            Provisional IND  4937.5  Assigned
                                                      AA(CE)/Stable
Lucknow-Raebareli Tollway Ltd  Unsupported rating     IND AA/Stable    -       Assigned
Lucknow-Raebareli Tollway Ltd  Proposed TL            Provisional IND  3091.3  Assigned
                                                      AA(CE)/Stable
Madurai-Kanyakumari Tollway LtdUnsupported rating     IND AA/Stable    -       Assigned
Madurai-Kanyakumari Tollway LtdProposed TL            Provisional IND  4783.7  Assigned
                                                      AA(CE)/Stable
Mfl Securitisation Trust LxxxivSeries A1 pass-through IND AA(SO)/Stable769.83  Affirmed
(An Asset Backed Securities    certificates (PTCs)
Transaction)
Mfl Securitisation Trust LxxxivSeries A2 PTCs         IND AA(SO)/Stable23.81   Affirmed
(An Asset Backed Securities
Transaction)
Mfl Securitisation Trust LxxxivSecond loss credit     IND              50.9    Affirmed
(An Asset Backed Securities    facility (SLCF)        BBB-(SO)/Stable
Transaction)
Mysore Bellary Highway Pvt Ltd Senior project Bk loan WD               4710    Withdrawn
Nanguneri-Kanyakumari Tollway  Unsupported rating     IND AA/Stable    -       Assigned
Ltd
Nanguneri-Kanyakumari Tollway  Proposed TL            Provisional IND  3583.5  Assigned
Ltd                                                   AA(CE)/Stable
Salaipudhur-Madurai Tollway LtdUnsupported rating     IND AA/Stable    -       Assigned
Salaipudhur-Madurai Tollway LtdProposed TL*           Provisional IND  3364.4  Assigned
                                                      AA(CE)/Stable
*The final rating will be assigned following the issuance and the receipt of executed
transaction documentation conforming to the information already received by Ind-Ra. The
unsupported rating assigned is in compliance with the Securities Exchange Board of India’s
circular dated 13 June 2019, which requires credit rating agencies to disclose unsupported
ratings without factoring in the explicit credit enhancement. 
Srikalahasthi Pipes Ltd        NFB WC                 IND A1+/RWN      3800    -
(Placed on RWN)
Srikalahasthi Pipes Ltd        CP (to be carved out   IND A1+/RWN      1000    -
                               of WC limits)
(Placed on RWN)
Srikalahasthi Pipes Ltd        Proposed NFB WC        IND A1+/RWN      300     Assigned
to final ratings 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 are likely to be the
same as that of the existing ones.
Srikalahasthi Pipes Ltd        TL                     IND AA-/RWN      3570    -
(reduced from INR3.83) (Placed on RWN)
Srikalahasthi Pipes Ltd        FB WC                  IND AA-/RWN      2900    -
(Placed on RWN)
Srikalahasthi Pipes Ltd        FB WC                  IND AA-/RWN      300     Assigned
(Placed on RWN),# The final ratings have been assigned based on sanction documents received by
the agency.
Stove Kraft                    TL                     IND BBB- /       316.4   Affirmed
                                                      Positive
Outlook revised to Positive from Stable,(reduced from INR320.1)
Stove Kraft                    FB WC limits           IND BBB- /       900     Affirmed
                                                      Positive / IND A3
Outlook revised to Positive from Stable
-----------------------------------------------------------------------------------------------
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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