October 23, 2018 / 4:48 AM / a month ago

India Ratings for Indian debt instruments – Oct 23

    Oct 23 (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 22, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Cg Power And Industrial         Derivative limits      IND A1+          660      Affirmed
Solutions Ltd
Cipla Ltd                       CP (CP)                IND A1+          10000    Affirmed

LONG TERM RATINGS:
-------------------
Cg Power And Industrial         TL                     IND AA-          11320    Downgraded
Solutions Ltd
(increased from INR6,650mlns)
Cg Power And Industrial         Bk Fac                 IND AA- /IND A1+ 38750    Downgraded
Solutions Ltd                                                                    /Affirmed
(increased from INR37,000 mlns)
Cg Power And Industrial         CP                     WD               1000     Withdrawn
Solutions Ltd
(the company did not proceed with the instrument as envisaged)
Cipla Ltd                       Proposed NCDs (NCDs)*  Provisional IND  10000    Affirmed
                                                       AAA
* The final rating will be assigned following the closure of the issue upon the receipt of the
final documentation, conforming to the information already received by Ind-Ra. 
Dena Bank Ltd.                  Lower Tier 2           WD               4500     Withdrawn
                                subordinated bonds
Dena Bank Ltd.                  Perpetual Tier 1 bonds WD               1600     Withdrawn
Dena Bank Ltd.                  Certificates of        WD               20000    Withdrawn
                                deposits
Himachal Futuristic             6.5% Cumulative        IND BBB-         603.8    Affirmed
Communications Ltd              redeemable PS#
Outlook revised to stable from negative
# The instrument is rated two notches lower than HFCL’s Long-Term Issuer Rating of ‘IND
BBB+’/Stable due to the subordinated nature of the instrument to bank debt./(reduced from 805
mlns)
Himachal Futuristic             FB WC limits*          WD               1500
Communications Ltd
(Affirmed with Outlook revised to Stable from Negative, and withdrawn)
*Affirmed at ‘IND BBB+’/Stable/’IND A2+’ before being withdrawn
Himachal Futuristic             Non-FB WC limits**     WD               4507     
Communications Ltd
(Affirmed with Outlook revised to  Stable from Negative, and withdrawn)
**Affirmed at’ IND BBB+/Stable/IND A2+ before being withdrawn
Himachal Futuristic             TL***                  WD               2104.5   
Communications Ltd
(Affirmed with Outlook revised to Stable from Negative, and withdrawn)
***Affirmed at ‘IND BBB+’/Stable before being withdrawn
Il&Fs Education And Technology  WC TL limits           IND B+           290      Downgraded
Services Ltd
Il&Fs Education And Technology  TL                     IND B+           100      Downgraded
Services Ltd
Il&Fs Education And Technology  FB WC                  IND B+ /IND A4   850      Downgraded
Services Ltd
Il&Fs Education And Technology  Non-FB WC              IND B+/IND A4    2244     Downgraded
Services Ltd
Kaithal Tollway Pvt Ltd         Senior project Bk loan*IND A+(SO)       14000    Affirmed
* Includes an INR9,500 million letter of credit as the facility’s sublimit
Kalanjiam Development Financial Bk loans               IND BB-          340      Affirmed
Service
Kochi Salem Pipeline Pvt Ltd    TL                     IND A-           5188     Affirmed
(reduced from INR7,228.7mlns)/Outlook revised; off RWN
Selvaraaj Prabhu And Company    FB WC Fac (long-/ST)   IND D            177.5    Affirmed
Issuer Not Cooperating
Shree Tirupati Balajee Fibc     TL                     IND BBB-         50
Pvt. Ltd
Maintained in Non-Cooperating Category,(Issuer Not Cooperating)
Shree Tirupati Balajee Fibc     FB WC limit            IND BBB- /IND A3 150
Pvt. Ltd
Maintained in Non-Cooperating Category,(Issuer Not Cooperating)
Shreepati Jewels                TL (LT)                IND D            469.2
Maintained in Non-Cooperating Category,(Issuer Not Cooperating)
Shreepati Jewels                FB WC limit (LT)       IND D            47.5
Maintained in Non-Cooperating Category,(Issuer Not Cooperating)
Sri Gayatri Cotton Mills        FB WC limit            
 IND B /IND A4  15
Maintained in Non-Cooperating Category,(Issuer Not Cooperating)
Sri Gayatri Cotton Mills        TL                     IND B            38.5
Maintained in Non-Cooperating Category,(Issuer Not Cooperating)
Udaipur Tollway Pvt Ltd         Senior project Bk loansIND BBB-         14609    Affirmed
Vijaya Bank                     Lower Tier II bonds    WD               6500     Withdrawn
Vijaya Bank                     Upper Tier II bonds    WD               6000     Withdrawn
-----------------------------------------------------------------------------------------------
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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