India Ratings for Indian debt instruments – Sep 11

    Sep 11 - 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, 2020.

COMPANY                         INSTRUMENT            RATING        AMOUNT     MOVEMENT
------                          ----------            ------        ------     ---------
Cybertech Systems And Software Non-FB Fac             IND A3           30      Affirmed
(reduced from INR80)
Rdc Concrete (I) Pvt Ltd       Non-FB limits          IND A1           130     Affirmed

Acb (I) Ltd                    TL                     IND BBB/RWN      12672   Downgraded;
                                                                               Maintained on
(reduced from INR13,257)
Acb (I) Ltd                    FB WC limits           IND BBB/RWN/IND  3500    Downgraded;
                                                      A3+/RWN                  Maintained on
Acb (I) Ltd                    Non-FB WC limits       IND BBB/RWN/IND  10655   Downgraded;
                                                      A3+/RWN                  Maintained on
(reduced from INR10,855)
Acb (I) Ltd                    NCDs (NCDs)            WD               600     Withdrawn
(Paid in Full)
Asian Institute Of             TL                     IND A/Stable     2099    Affirmed
Gastroenterology Pvt Ltd
(reduced from INR3,000)
Asian Institute Of             FB limits              IND A/Stable     200     Affirmed
Gastroenterology Pvt Ltd
Cybertech Systems And Software FB Fac                 IND              100     Affirmed
Ltd                                                   BBB-/Stable/IND
(reduced from INR200)
Education India Pvt Ltd        rating review          IND A-           -       -
(In view of the COVID-19 led lockdown, the issuer has informed the agency that it needs more
time to provide the required data.)
Rdc Concrete (I) Pvt Ltd       TL                     IND A-/Stable    400     Affirmed
Rdc Concrete (I) Pvt Ltd       FB limits              IND              150     Affirmed
                                                      A-/Stable/IND A1
Sansar Trust September 2018    Second loss credit     IND A-(SO)/Stable237.13  Affirmed
Ii’S (An Abs Transaction)      facility (SLCF)
Sansar Trust September 2018    Series A pass-through  IND              2271.4  Affirmed
Ii’S (An Abs Transaction)      certificates (PTCs)    AAA(SO)/Stable
Spectrum Coal And Power Ltd    TL                     IND BBB/RWN      6525    Downgraded;
                                                                               Maintained on
(reduced from INR7,060)
Spectrum Coal And Power Ltd    FB WC limits           IND BBB/RWN/IND  1100    Downgraded;
                                                      A3+/RWN                  Maintained on
(reduced from INR1,250)
Spectrum Coal And Power Ltd    Non-FB WC limits       IND BBB/RWN/IND  2100    Downgraded;
                                                      A3+/RWN                  Maintained on
(reduced from INR2,350)
Spectrum Coal And Power Ltd    Proposed FB WC limits  WD               940     Withdrawn
(the company did not proceed with the instrument as envisaged)
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