Infrastructure
India Ratings for Indian debt instruments – Dec 28
Dec 28 - 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 December 24 and 25, 2020. COMPANY INSTRUMENT RATING AMOUNT MOVEMENT (RS.MLN) ------ ---------- ------ ------ --------- SHORT TERM RATINGS: ------------------- Crest Engineering Solutions Non-FB WC facility IND A4 210 - (Issuer Not Cooperating); Migrated to non-cooperating category Gujarat State Fertilisers & ST debt programme IND A1+ 9650 Affirmed Chemicals Ltd (increased from INR8,000) Gujarat State Fertilisers & CP IND A1+ 10000 Affirmed Chemicals Ltd Hdfc Overnight Fund IND A1+mfs - Affirmed Icici Overnight Fund IND A1+mfs - Withdrawn Kotak Mahindra Liquid Fund IND A1+mfs - Withdrawn Owens-Corning (I) Pvt Ltd Non-FB WC limits IND A1+ 300 Assigned Urban Development Corporation CPs IND A1+ 100000 Affirmed Ltd Urban Development Corporation ST Bk loans IND A1+ 51900 Affirmed Ltd (increased from INR44.4) Vardhman Textiles Ltd CP programme^ IND A1+ 10000 Affirmed ^Carved out of the existing fund-based working capital banking lines LONG TERM RATINGS: ------------------- Crest Engineering Solutions FB WC facility IND B- / IND A4 90 - (Issuer Not Cooperating); Migrated to non-cooperating category Csl Telesto 12 2020 Trust (An Series A1a Provisional IND 248.86 Assigned Asset-Backed Securities pass-through A(SO)/Stable Transaction) certificates (PTCs) Csl Telesto 12 2020 Trust (An Series A1b Provisional IND 391.06 Assigned Asset-Backed Securities pass-through A(SO)/Stable Transaction) certificates (PTCs) Gujarat State Fertilisers & FB WC limits IND 3000 Affirmed Chemicals Ltd AA+/Stable/IND A1+ Outlook revised to Stable from Negative,(reduced from INR4,650) Gujarat State Fertilisers & Non-FB WC limits IND 10000 Affirmed Chemicals Ltd AA+/Stable/IND A1+ Outlook revised to Stable from Negative Kundli Manesar Expressway Ltd TL (LT) IND D 13000 Downgraded Note-This announcement rectifies the version published on 23 December 2020 to correctly state the company’s revenue from operations and construction expenses for FY20. The amended version is as above: Macrotech Developers Ltd NCDs (NCDs) IND BBB-/Stable 4950 Upgraded; Off RWN Macrotech Developers Ltd Bk loans IND BBB-/Stable 1500 Upgraded; Off RWN Maharashtra Patbandhare VittiyaSeries IV Bonds Option IND A(CE)/Stable 194 Affirmed Co. Ltd B Maharashtra Patbandhare VittiyaUnsupported rating IND BBB+/Stable - Affirmed Co. Ltd Mfl Securitisation Trust Xcvi Series A1 pass-through Provisional IND 763.6 Assigned (An Asset-Backed Securities certificates (PTCs)* AA(SO)/Stable Transaction) * The assignment of final ratings is contingent upon the receipt of final documents conforming to the information already received. Mfl Securitisation Trust Xcvi Series A2 PTCs* Provisional IND 48.7 Assigned (An Asset-Backed Securities AA(SO)/Stable Transaction) * The assignment of final ratings is contingent upon the receipt of final documents conforming to the information already received. Mfl Securitisation Trust Xcvi Second-loss credit Provisional IND 48.7 Assigned (An Asset-Backed Securities facility (SLCF)* BBB-(SO)/Stable Transaction) * The assignment of final ratings is contingent upon the receipt of final documents conforming to the information already received. Muthoottu Mini Financiers Ltd Bk loans IND BBB/Stable 5000 Affirmed Muthoottu Mini Financiers Ltd NCDs IND BBB/Stable 6011.1 Affirmed (reduced from INR7,125) Muthoottu Mini Financiers Ltd Proposed NCDs# IND BBB/Stable 5000 Assigned #the amount is unallocated Northern Arc PBI IND BBB+(CE) 20.67 Assigned /Stable Owens-Corning (I) Pvt Ltd WC limits IND 1400 Affirmed AA/Stable/IND A1+ Outlook revised to Stable from Negative(increased from INR500) Shriram Transport Finance NCD Provisional IND 5000 Assigned Company Ltd AAA(CE)/Stable Urban Development Corporation Bonds IND AAA/Stable 582284.7Affirmed Ltd (reduced from INR607.9347) Urban Development Corporation Government of India IND AAA/Stable 200000 Affirmed Ltd (GoI) fully serviced bonds Urban Development Corporation LT Bk loans IND AAA/Stable 54500 Affirmed Ltd (reduced from INR61.8) Urban Development Corporation Domestic term deposit IND tAAA 20000 Affirmed Ltd Urban Development Corporation Proposed Bk loans* Provisional IND 93610 Affirmed Ltd AAA/Stable and Provisional IND A1+ (reduced from INR143.8),* The rating is provisional and shall be confirmed upon the sanction and execution of loan documents for the above facilities by HUDCO to the satisfaction of Ind-Ra. Vivriti Morton 03 2020 (An Series A pass-through IND A-(SO)/RWN 150 Downgraded Asset-Backed Security certificates (PTCs) Transaction) assigned and maintained on Rating Watch Negative (RWN) ----------------------------------------------------------------------------------------------- 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 [email protected])
