September 11, 2019 / 4:59 AM / 4 days ago

India Ratings for Indian debt instruments – Sep 11

    Sep 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
September 10, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Spaceage Switchgears Ltd        Non- FB WC limits      IND A4+          80       Affirmed

Anitha Texcot (I) Pvt Ltd       FB limits              IND BBB-/ Stable 150      Assigned
L&T Finance Ltd                 NCDs (NCDs)/ Bk        IND AAA/ Stable  90       Affirmed
                                Subordinated debt^
^ INR90 billion limits shared by LTFL, L&T Infrastructure Finance Company (‘IND AAA’/Stable) and
L&T Housing Finance Limited (‘IND AAA’/Stable).
L&T Finance Ltd                 NCDs                   IND AAA/ Stable  110      Affirmed
LMJ International Ltd           FB limits (Long-/ ST)  IND D            1840     Affirmed
(Issuer Not Cooperating)
LMJ International Ltd           Non-FB limits (ST)     IND D            3600     Affirmed
(Issuer Not Cooperating)
Northern Arc 2018 SBL Elrond    Series A1 pass-through IND A-(SO)/      23.9     Affirmed
(An Abs Transaction)            certificates (PTCs)    Stable
Northern Arc 2018 SBL Elrond    Series A2 PTCs         IND BBB+(SO)/    9.03     Affirmed
(An Abs Transaction)                                   Stable
Spaceage Switchgears Ltd        FB WC limits           IND BB- /        60       Affirmed
                                                       Stable/ IND A4+
Torrent Pharmaceuticals Ltd     TL                     IND AA/ Stable   23.5     Affirmed
Torrent Pharmaceuticals Ltd     NCDs (NCDs)            IND AA/ Stable   10       Affirmed
Torrent Pharmaceuticals Ltd     NCDs#                  IND AA/ Stable   3        Assigned
#yet to be issued

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 The withdrawn criteria are now available on India Ratings' website at

$: 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wd -Rating Stands Withdrawn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

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
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