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India Ratings for Indian debt instruments – Sep 25

    Sep 25 - 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 24, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Fedbank Financial Services Ltd ST issuer rating       IND A1+          -       Affirmed
L&T Finance Holdings Ltd       CP (CP)                IND A1+          25      Affirmed
Marudhar Rocks International   Non-FB WC limits       IND A4+          20      Downgraded
Pvt Ltd
(reduced from INR95)
Motilal Oswal Home Finance Ltd ST                     IND A1+          -       Assigned
Psk Textiles India Pvt Ltd     Non-FB Fac             IND A4+          26      `
Rajagopal Constructions        NFB WC limit           IND A4+          56.5    Assigned

LONG TERM RATINGS:
-------------------
Astra Solren Pvt Ltd           TL                     IND AA-/Stable   3050    Withdrawn
Astra Solren Pvt Ltd           BG                     IND AA-/Stable   50      Withdrawn
Astra Solren Pvt Ltd           Project TL-I           WD               3330    Withdrawn*
*The agency has withdrawn the ratings of project term loan-I and the bank guarantee on the
receipt of no-dues certificate from the lender and the new facility was utilised to completely
pay off the previous outstanding term loan. 
Astra Solren Pvt Ltd           BG                     WD               59.2    Withdrawn*
*The agency has withdrawn the ratings of project term loan-I and the bank guarantee on the
receipt of no-dues certificate from the lender and the new facility was utilised to completely
pay off the previous outstanding term loan. 
Criyagen Agri & Biotech Pvt LtdTL                     IND BB+/Stable   15      Upgraded
Criyagen Agri & Biotech Pvt LtdWC limits              IND              70      Long-term
                                                      BB+/Stable/IND           rating
                                                      A4+                      upgraded;
short-term rating affirmed
Fedbank Financial Services Ltd NCD                    IND AA-/Stable   1       Affirmed
Fedbank Financial Services Ltd NCDs - Subordinated    IND AA-/Stable   2.5     Assigned
                               debt*
*unutilised
Fedbank Financial Services Ltd NCD*                   IND AA-/Stable   7.5     Assigned
*unutilised
Gvg Kraft Pvt Ltd              TL                     IND BB/Stable    9.43    Assigned
Gvg Kraft Pvt Ltd              FB Fac                 IND              60      Assigned
                                                      BB/Stable/IND A4+
J.P Infra (Mumbai) Pvt Ltd     NCD                    IND BBB-         1000    -
(Issuer Not Cooperating); Migrated to non-cooperating category
L&T Finance Holdings Ltd       NCDs* (NCDs)           IND AAA/Stable   5       Affirmed
*Yet to be issued
L&T Finance Ltd                NCDs (NCDs; public     IND AAA/Stable   58      Affirmed
                               issue/private
                               issue)/Bk borrowings
L&T Finance Ltd                subordinated debt      IND AAA/Stable   2       Affirmed
L&T Finance Ltd                NCD (public issue)     IND AAA/Stable   100     Affirmed
L&T Finance Ltd                Principal protected    IND PP-MLD AAA   10      Assigned
                               market-linked          emr/Stable
                               debenture^#
# Unutilised,^ The suffix emr denotes the exclusion of the embedded market risk from the rating.
The rating of the market linked debentures is an ordinal assessment of the underlying credit
risk of the instrument and does not factor in the market risk that investors in such instruments
will assume. This market risk stems from the fact that coupon payment on the instrument will be
based on the performance of a reference index or equity share (detailed in the information
memorandum of the issue). PP-MLD refers to full principal protection in the equity-linked notes
wherein the issuer is obligated to pay the full principal upon maturity.
L&T Finance Ltd                NCDs (NCDs; public     INDAAA/Stable    57      Assigned
                               issue/private issue)#
# Unutilised
L&T Finance Ltd                Bk loan                INDAAA/Stable    100     Assigned
L&T Finance Ltd                Subordinated debt#     INDAAA/Stable    3       Assigned
# Unutilised
L&T Housing Finance Ltd        NCDs (NCDs) (public    IND AAA/Stable   28      Affirmed
                               issue/private issue)
L&T Housing Finance Ltd        Subordinated debt      IND AAA/Stable   2       Affirmed
L&T Housing Finance Ltd        NCDs (NCDs) (public    IND AAA/Stable   47      Assigned
                               issue/private issue)/#
# unutilised
L&T Housing Finance Ltd        Subordinated debt#     IND AAA/Stable   3       Assigned
# unutilised
L&T Housing Finance Ltd        Bk Loan                IND AAA/Stable   70      Assigned
L&T Housing Finance Ltd        Principal protected    IND PP-MLD AAA   10      Assigned
                               market-linked          emr/Stable
                               debenture^#
# unutilised
^ The suffix emr denotes the exclusion of the embedded market risk from the rating. The rating
of the market linked debentures is an ordinal assessment of the underlying credit risk of the
instrument and does not factor in the market risk that investors in such instruments will
assume. This market risk stems from the fact that coupon payment on the instrument will be based
on the performance of a reference index or equity share (detailed in the information memorandum
of the issue). PP-MLD refers to full principal protection in the equity-linked notes wherein the
issuer is obligated to pay the full principal upon maturity.
L&T Infrastructure Finance Co. NCDs (NCDs; public     IND AAA/Stable   10      Affirmed
Ltd                            issue/private issue)/
                               /subordinated debt+
L&T Infrastructure Finance Co. NCDs (public issue) #  IND AAA/Stable   50      Affirmed
Ltd
#the limits are for secured redeemable NCDs and is interchangeable with unsecured subordinated
redeemable NCDs
L&T Infrastructure Finance Co. NCDs*                  IND AAA/Stable   55      Assigned
Ltd
*unutilised;
L&T Infrastructure Finance Co. Subordinated debt*     IND AAA/Stable   5       Assigned
Ltd
*unutilised;
L&T Infrastructure Finance Co. Bk loan                IND AAA/Stable   70      Assigned
Ltd
L&T Infrastructure Finance Co. Principal protected    IND PP-MLD AAA   10      Assigned
Ltd                            market-linked          emr/Stable
                               debenture *^
*unutilised; ^ The suffix emr denotes the exclusion of the embedded market risk from the rating.
The rating of the market linked debentures is an ordinal assessment of the underlying credit
risk of the instrument and does not factor in the market risk that investors in such instruments
will assume. This market risk stems from the fact that coupon payment on the instrument will be
based on the performance of a reference index or equity share (detailed in the information
memorandum of the issue). PP-MLD refers to full principal protection in the equity-linked notes
wherein the issuer is obligated to pay the full principal upon maturity.
Marudhar Rocks International   Proposed FB WC limits  IND BB+/Stable/  200     Downgraded
Pvt Ltd                                               IND A4+
Marudhar Rocks International   FB WC limits           IND BB+/Stable   75      Downgraded
Pvt Ltd
Marudhar Rocks International   TL                     IND              1300    Downgraded
Pvt Ltd                                               BB+/Stable/IND
                                                      A4+
Overseas Bank’S Basel Iii Tier Basel III Tier 2 bonds*IND AA-/Negative 8000    Affirmed
2 Bonds
*INR3 billion unutilised(Note-This announcement corrects the version published on 23 September
2020 to remove the issuer rating from rating history table.
Platinum Trust June 2017 –     Series A pass-through  IND              1484.65 Affirmed
Tranche Ii’S (An Abs           certificates (PTCs)    AAA(SO)/Stable
Transaction)
Platinum Trust June 2017 –     Second loss credit     IND              202.12  Affirmed
Tranche Ii’S (An Abs           facility (SLCF)        BBB(SO)/Stable
Transaction)
Psk Textiles India Pvt Ltd     Term  loan             IND BB-/Stable   208.6   Downgraded
Psk Textiles India Pvt Ltd     FB Fac                 IND              50      Long-term
                                                      BB-/Stable/IND           rating
                                                      A4+                      downgraded;
short-
                                                                                term rating
                                                                                affirmed
Punjab National Bank           Additional Tier I      IND A/RWE        67.5    -
                               (AT1) bonds
Maintained on RWE
Punjab National Bank           Basel III Tier 2 bonds#IND AA+/RWE      30      Assigned
Placed on RWE,# Yet to be issued
Punjab National Bank           Basel III Tier 2 bonds IND AA+/RWE      65      -
Maintained on RWE
Punjab National Bank           Senior infrastructure  IND AA+/RWE      20      -
                               bonds
Maintained on RWE
Punjab National Bank           LT and ST issuer ratingIND AA+/RWE/IND  -       Long-term
                                                      A1+                      rating
                                                                               maintained on
Rating Watch Evolving (RWE); short-term rating affirmed
Radio Ltd                      Non-FBL                IND A3/RWE       146     Maintained on
                                                                               RWE
Radio Ltd                      FB limit               IND BBB-/RWE/IND 150     Maintained on
                                                      A3/RWE                   RWE
Radio Ltd                      Long-TL                WD               525.8   Withdrawn
(paid in full)
Rajagopal Constructions        Fund based WC limit    IND              50      Assigned
                                                      BB-/Stable/IND
                                                      A4+
Sansar Trust Sep 2017 V’S (An  Second loss credit     IND A-(SO)/Stable 187.5   Affirmed
Asset Backed Securities        facility SLCF
Transaction)
Sansar Trust Sep 2017 V’S (An  Series A Pass-Through  IND AAA          731.73  Affirmed
Asset Backed Securities        Certificates           (SO)/Stable
Transaction)
Shree Venkatesh Buildcon       TL                     IND BBB/Stable   490     Affirmed
Outlook revised to Stable from Positive
Shree Venkatesh Buildcon Pvt LtFB Fac                 IND              300     Affirmed
                                                      BBB/Stable/IND A2
Outlook revised to Stable from Positive
Shree Venkatesh Developers     FB Fac                 WD               170     Withdrawn
Shree Venkatesh Realty’S       FB Fac                 IND              75      Affirmed
                                                      BBB/Stable/IND A2
Outlook revised to Stable from Positive
Skylark Realtors Pvt. Ltd      TL                     IND BBB-         3500    -
(Issuer Not Cooperating); Migrated to non-cooperating category
V-Realty                       TL                     IND BBB-/Stable  1200    Assigned
V-Realty                       TL                     IND BBB-/Stable  1200    Assigned
-----------------------------------------------------------------------------------------------
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)
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