September 17, 2019 / 8:44 AM / 2 months ago

India Ratings for Indian debt instruments – Sep 17

    Sep 17 (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 16, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Network18 Media & Investments   CP*                    IND A1+          15       Assigned
Ltd
*Yet to be issued
Orix Auto Infrastructure        Non-FB limits          IND A1+          100      Affirmed
Services Ltd
Orix Auto Infrastructure        Short-TL (ST debt)     IND A1+          1050     Affirmed
Services Ltd
Tv18 Broadcast Ltd              CP*                    IND A1+          7.5      Assigned
*Yet to be issued

LONG TERM RATINGS:
-------------------
Indian Receivable Trust June 19 Series A pass-through  IND AAA(SO)/     1458.45  Assigned
E (An Asset-Backed Security     certificates (PTCs)    Stable
Transaction)
Indian Receivable Trust June 19 Second loss credit     IND BBB(SO)/     91.15    Assigned
E (An Asset-Backed Security     facility (SLCF)        Stable
Transaction)
Orix Auto Infrastructure        Long-TL                IND AAA/ Stable  6328     Affirmed
Services Ltd
reduced from INR7,091 mln
Orix Auto Infrastructure        FB limits              IND AAA/ Stable/ 6850     Affirmed
Services Ltd                                           IND A1+
reduced from INR9,600 mln
Orix Auto Infrastructure        Proposed long-TL*      Provisional IND  2547     Affirmed
Services Ltd                                           AAA/ Stable
increased from INR1,892 mln; *The rating is provisional and shall be confirmed upon the sanction
and execution of the loan documents for the above facilities by OAIS to the satisfaction of
Ind-Ra.
Orix Auto Infrastructure        CP (carved out of FB   WD               1700
Services Ltd                    Bk lines)
Withdrawn (the company did not proceed with the instrument as envisaged)
Platinum Trust September 2019   Series A pass-through  Provisional IND  3005.6   Assigned
(An Abs Transaction)            certificates (PTCs)    AAA(SO)/ Stable
Platinum Trust September 2019   Second loss credit     Provisional IND  154.8    Assigned
(An Abs Transaction)            facility (SLCF)        BBB(SO)/ 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@thomsonreuters.com)
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