India Ratings for Indian debt instruments – Sep 23

    Sep 23 - 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 22, 2020.

COMPANY                         INSTRUMENT             RATING          AMOUNT  MOVEMENT
------                          ----------             ------          ------  ---------
Acme Karimnagar Solar Power PvtTL                     IND BBB-/Stable  784.4   Assigned
Neemuch Solar Power Pvt Ltd    TL                     IND BBB-/Stable  784.3   Assigned
Privilege Trust Series – 17 (AnPass-through           IND              827.77  Assigned
Asset-Backed Securities        certificates           AAA(SO)/Stable
Transaction)                   (PTCs)-Series A
Sbfc Finance Pvt Ltd           Bk loans               IND A/Stable     26.466  Affirmed
Sbfc Finance Pvt Ltd           NCDs (NCDs)            IND A/Stable     5.75    Affirmed
Solar Power Pvt Ltd            TL                     IND BBB-/Stable  784.1   Assigned
Vadalia Foods                  TL                     IND B-/Stable    100.3   Affirmed
(reduced from INR127.06)
Vadalia Foods                  FB WC limits           IND              50      Affirmed
                                                      B-/Stable/IND A4
Vivid Solaire Energy Pvt Ltd   Senior project Bk loan IND A-/Stable    13880   Affirmed
Vivid Solaire Energy Pvt Ltd   Non-FB facility        WD               5000    Withdrawn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 The withdrawn criteria are now available on India Ratings' website at

$: 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wd -Rating Stands Withdrawn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