for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

India Ratings for Indian debt instruments – Sep 24

    Sep 24 - 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 23, 2020.

COMPANY                         INSTRUMENT            RATING         AMOUNT   MOVEMENT
                                                                    (RS.MLN)
------                          ----------            ------         ------   ---------
SHORT TERM RATINGS:
-------------------
Adani Ports And Special        CP                     IND A1+          67      Affirmed
Economic Zone Ltd
Kiran Industries Pvt Ltd       Non-FB limits          IND A4+          2       -
(Issuer Not Cooperating); Migrated to non-cooperating category
Ncl Buildtek Ltd                Proposed non-FB WC     INDA3+          100     Assigned
                               limits*
* Unallocated
Ncl Buildtek Ltd               Non-FB limits           INDA3+          100     Affirmed
Retail Ltd                     Non-FB limits           IND A1          510     Affirmed

MEDIUM TERM RATINGS:
-------------------
Ncl Buildtek Ltd               FD programme           IND tA-/Negative 77.8    Assigned
Ncl Buildtek Ltd               FD programme           IND tA-/Negative 35.1    Affirmed


LONG TERM RATINGS:
-------------------
Adani Ports And Special        LT Issuer Rating       IND AA+/Stable   -       Affirmed
Economic Zone Ltd
Adani Ports And Special        NCDs (NCDs) ^          IND AA+/Stable   9       Assigned
Economic Zone Ltd
^The final rating has been assigned following the receipt of executed financing 
documents by Ind-Ra.
Adani Ports And Special        NCDs                   IND AA+/Stable   10.52   Affirmed
Economic Zone Ltd
Avaada Energy Pvt Ltd          TL*                    IND A-/Stable    3000    Assigned
*The rating is based on a sanction letter received by Ind-Ra. Documentation is under process but
Ind-Ra does not expect any material change in the same from the terms of the sanction.
Avaada Energy Pvt Ltd          Proposed NFB facility**IND A-/Stable    3500    Assigned
**current limit of INR2,400 million; unutilised portion of INR1,100 million yet to be tied up
(as per the management’s plan). 
Avaada Ventures Pvt Ltd        TL*                    IND A-/Stable    1500    -
*The rating is based on a sanction letter received by Ind-Ra. Documentation is under process but
Ind-Ra does not expect any material change in the same from the terms of the sanction. 
Kiran Industries Pvt Ltd       TL                     IND BB+          280     -
(Issuer Not Cooperating); Migrated to non-cooperating category
Kiran Industries Pvt Ltd       FB limits              IND BB+ / IND A4+240     -
(Issuer Not Cooperating); Migrated to non-cooperating category
Nava Bharath Educational Trust Bk loans               IND D            86.08   Downgraded
Issuer did not cooperate; based on the best-available information
Nava Bharath Educational Trust FB WC limits           IND D            30      Downgraded
Issuer did not cooperate; based on the best-available information
Ncl Buildtek Ltd               Proposed long-TL*       IND BBB/Negative240     Assigned
* Unallocated
Ncl Buildtek Ltd               Long-TL                 IND BBB/Negative676.45  Affirmed
Ncl Buildtek Ltd               Proposed FB WC limits*  IND             100     Assigned
                                                      BBB/Negative/
                                                      Ind A3 +
* Unallocated
Ncl Buildtek Ltd               FB limits               IND             550     Affirmed
                                                      BBB/Negative/
                                                      IND A3 +
Ncl Buildtek Ltd                LT Issuer Rating      IND BBB/Negative -       Affirmed
Overseas Bank                   Basel III Tier 2 bonds*IND AA-/Negative 8000    Affirmed
*INR3 billion unutilised
Retail Ltd                     TL                     IND A-/Positive  3250    Affirmed
Outlook revised to Positive from Stable
Retail Ltd                     FB limits              IND A-/Positive  500     Affirmed
Outlook revised to Positive from Stable
Sadbhav Infrastructure ProjectsNCDs (NCDs)*           IND A-(CE)/Stable3500    Assigned
Ltd
Sadbhav Infrastructure ProjectsNon-FB limits          IND              3000    Assigned
Ltd                                                   A-/Stable/IND A2+
Stfcl Da Nov 2019              Assignee payouts       WD               10004.5 Withdrawn
Vadodara Bharuch Tollway Ltd   Project Bk loans       IND A/Stable     384.2   Affirmed
(INR35.40 outstanding as on 31 August 2020)
Vadodara Bharuch Tollway Ltd   NCDs                   IND A/Stable     2500    Affirmed
Vadodara Bharuch Tollway Ltd   NCDs                   IND A/Stable     3975    Affirmed
Vadodara Bharuch Tollway Ltd   NCDs                   WD               2880    Withdrawn
(Paid in full)
-----------------------------------------------------------------------------------------------
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@refinitiv.com)
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up