September 10, 2019 / 11:03 AM / 6 days ago

India Ratings for Indian debt instruments – Sep 10

    Sep 10 (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
September 9, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Akbar Travels Of India          Non-FB WC limit        IND A4+          400      -
(Downgraded and migrated to non-cooperating category)
Cvs Infrastructure              Non-FB WC limits       IND A4+          10       -
(Migrated to non-cooperating Category)
Hitech Print Systems            Non-FB WC limits(ST)   IND D            55       Downgraded
Jindal (I)’S                    Non-FB limits          IND A2+          6400     Affirmed
(Outlook Revised to Negative from Stable)
Thakkarsons Roll Forming        Non-FB Fac (ST)        IND D            110      Downgraded


LONG TERM RATINGS:
-------------------
Akbar Travels Of India          TL                     IND BB+          22.6     -
(Downgraded and migrated to non-cooperating category)
Akbar Travels Of India          FB WC limit            IND BB+/A4+      1817.5   -
(Downgraded and migrated to non-cooperating category)
Ambika Realcon                  TL                     IND BB/Stable    400      Upgraded
Asian Tea & Exports             FB limits*             -                70       -
* Affirmed at ‘IND BB+(ISSUER NOT COOPERATING)’/‘IND A4+(ISSUER NOT COOPERATING)’ before being
withdrawn.
Cvs Infrastructure              FB WC limits           IND BB-/A4+      160      -
(Migrated to non-cooperating Category)
Earth Solar Power               Senior project TL      IND A- (SO) /RWN 235.2    -
(Placed on Rating Watch Negative)
Earth Solar Power               Senior project TL      IND A- /RWN      -        Assigned
                                (standalone rating)
Placed on RWN
Hitech Print Systems            TL (LT)                IND D            111.8    Downgraded
Hitech Print Systems            FB WC limits (LT)      IND D            140      Downgraded
I G Petrochemic                 TL                     IND A+/Stable    1544.9   Affirmed
I G Petrochemic                 LT borrowing^          IND A+/Stable    750      Assigned
^The final rating has been assigned following the receipt of sanction letter by Ind-Ra.
I G Petrochemic                 Bk Fac                 IND              3778     Affirmed
                                                       A+/Stable/IND A1+
Indian Clearing Corporation     LT Issue               IND AAA/Stable   -        Affirmed
Indostar Home Finance           LT debt                IND AA-/Stable   5000     Affirmed
International Solar Corporation Senior project TL      IND A- (SO) /RWN 235.8    -
(Placed on Rating Watch Negative)
International Solar Corporation Senior project TL      IND A- /RWN      -        Assigned
                                (standalone rating)
Placed on RWN
Jayanthi Textile Products       FB WC limits^          -                250      Affirmed and
                                                                                 withdrawn
^ Affirmed at ‘IND BBB-/Stable/IND A3’ before being withdrawn
Jayanthi Textile Products       Non-FB WC limits^^     -                19.4     Affirmed and
                                                                                 withdrawn
^^ Affirmed at ‘IND A3’ before being withdrawn
Jayanthi Textile Products       TL*                    -                98.5     Affirmed and
                                                                                 withdrawn
* Affirmed at ‘IND BBB-/Stable’ before being withdrawn
Jindal (I)’S                    Long-TL                IND A-/Negative  2335.6   Affirmed
(Outlook Revised to Negative from Stable)
Jindal (I)’S                    FB limits              IND A-/Negative  3190     Affirmed
(Outlook Revised to Negative from Stable)
Jindal (I)’S                    Proposed FB limits*    Provisional IND  310      Assigned
                                                       A-/Negative
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by JIL to the satisfaction of Ind-Ra.
Kavit Green Energy              Senior project TL      IND A- /RWN      -        Assigned
                                (standalone rating)
Placed on RWN
Kavit Green Energy              Senior project TL      IND A- (SO) /RWN 217      -
(Placed on Rating Watch Negative)
L&T Housing Finance             NCDs (NCDs)/Bk         IND AAA/Stable   90000    Affirmed
                                borrowings /
                                subordinated debt^
^ INR90 billion limits shared by LTHF, L&T Finance Limited (‘IND AAA’/Stable) and L&T
Infrastructure Finance Company Limited (‘IND AAA’/Stable)
L&T Housing Finance             NCDs                   IND AAA/Stable   30000    Affirmed
L&T Infrastructure Finance      NCDs (NCDs)/Bk         IND AAA/Stable   90000    Assigned
Company                         borrowings /
                                subordinated debt^
^ INR90 billion limits shared by LTIF, L&T Housing Finance Limited (‘IND AAA’/Stable) and L&T
Finance Limited (‘IND AAA’/Stable)
L&T Infrastructure Finance      NCDs                   IND AAA/Stable   20000    Affirmed
Company
Mytrah Akshaya Energy           TL                     IND BB+/Stable   628.6    Downgraded
Novel Sugar                     FB WC limit*           -                170      -
*Fund-based limits maintained to IND BB+(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING)
before being withdrawn.
Premier Steels                  FB WC limits           IND B/Stable/IND 100      Affirmed
                                                       A4
Rajasthan State Road            TL                     IND A-/Stable    25178.15 Affirmed and
Development And Construction                                                     Reassigned
Corporation Ltd
Shining Sun Power (Telangana)   Senior project TL      IND A- (SO) /RWN 519.75   -
(Placed on Rating Watch Negative)
Shining Sun Power (Telangana)   Senior project TL      IND A- /RWN      -        Assigned
                                (standalone rating)
Placed on RWN
Srs Modern Sales                FB WC limits (LT/ST)   IND D            750      Affirmed
Sunheti Solar Projects          Senior project TL      IND A- /RWN      -        Assigned
                                (standalone rating)
Placed on RWN
Sunheti Solar Projects          Senior project TL      IND A- (SO) /RWN 165.34   -
(Placed on Rating Watch Negative)
Tata Power Renewable Energy     LT Issuer              IND AA           -        Upgraded from
                                                                                 IND AA-
Thakkarsons Roll Forming        Long-TL                IND D            79       Downgraded
Thakkarsons Roll Forming        FB Fac (LT/ST          IND D            140      Downgraded


-----------------------------------------------------------------------------------------------
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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