India Ratings for Indian debt instruments – Jul 8

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India Ratings for Indian debt instruments – Jul 8
Credit: © Reuters.

Jul 8 (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 July 5, 2019. COMPANY

INSTRUMENT

RATING

AMOUNT

MOVEMENT

(RS.MLN) ------

----------

------

------ --------- SHORT TERM RATINGS: ------------------- Affil Vitrified Pvt Ltd

Non-FB limits

IND A4+

40

Affirmed Anil Buildcon India Pvt Ltd

Non-FB limits

IND A4+

280

Downgraded Ascent Networks Pvt Ltd

Non-FB WC Fac

IND A4

42

Affirmed Bank Of Baroda (NS: BOB )

ST debt programme

IND A1+

--

Affirmed Bank Of Baroda

CDs

IND A1+

400

Affirmed Beil Infrastructure Ltd

Non-FB WC limits

IND A2+

255

Affirmed Gridco Ltd

Non-FB WC limit

IND A2

2.25

Affirmed Housing And Urban Development CPs

IND A1+

100

Affirmed Corporation Ltd Housing And Urban Development ST Bk loans

IND A1+

47.0244 Affirmed Corporation Ltd (reduced from INR48.975 MLN) M/S Trans Conduct India

Non-FB limits

IND A4

40 Migrated to non-cooperating category Ratnesh Infra

Non-FB Fac

IND A4+

30

Assigned Relishah Exports

FB post shipment

IND A4+

240

Upgraded

demand loan/usance

foreign bill purchased/foreign bill purchased Relishah Exports

FB packing

IND A4+

260

Upgraded

credit/packing credit

in foreign currency*

* Includes standby limit of INR80 million Relishah Exports

Non-FB inland BGs

IND A4+

2

Upgraded Sai Electrocasting Pvt Ltd

Non-FB WC limit

IND A3

150

Affirmed Shriram Pistons And Rings Ltd Non-FB WC limit

IND A1+

1350

Affirmed Shriram Pistons And Rings Ltd CP* (CP)

IND A1+

100

Affirmed *Yet to be issued Vista Pharmaceuticals Ltd

Non-FB WC Fac

IND A4+

30

Upgraded MEDIUM TERM RATINGS: ------------------- Bank Of Baroda

Fixed deposit

IND tAAA

-

Affirmed Housing And Urban Development Domestic term deposit IND tAAA

20

Affirmed Corporation Ltd Shriram Pistons And Rings Ltd Term deposits

IND tAA+

700

Affirmed LONG TERM RATINGS: ------------------- Affil Vitrified Pvt Ltd

FB limits

IND BB

180

Downgraded Anil Buildcon India Pvt Ltd

FB limits

IND BB+

5

Downgraded Aruna Alloy Steels Pvt Ltd

TL

IND BBB-

333

Affirmed (reduced from INR405.0 MLN) Aruna Alloy Steels Pvt Ltd

FB Fac

IND BBB-/IND A3 285

Affirmed Ascent Networks Pvt Ltd

FB WC Fac

IND B+/IND A4

35

Affirmed Axis Wind Farms Anantapur Pvt Senior Bk loan

IND A-

5573

Upgraded Ltd (reduced from 5,910 MLN) Axis Wind Farms Anantapur Pvt WC facility

IND A-

500

Upgraded Ltd Bajaj Housing Finance Ltd

LT Bk loans

IND AAA

50

Assigned Bank Of Baroda

Basel III AT1 bonds

IND AA+

65

Affirmed Bank Of Baroda

Basel III Tier 2

IND AAA

25

Affirmed

instrument Beil Infrastructure Ltd

BEIL Infrastructure

IND BBB+

309.5

Affirmed

Limited (reduced from INR331.1 MLN) Blue Dart Express (NS: BLDT ) Ltd

NCDs (NCDs)

IND AA

711.8

Affirmed (reduced from INR1,661) Dineshchandra Tanot Infra Pvt TL

IND A-

5403.5 Assigned Ltd Gridco Ltd

Bond

IND A-(SO)

1.26

Affirmed Gridco Ltd

FB WC limit

IND BBB+

6.25

Affirmed H D Motors

LT loan

IND B-

30 Migrated to non-cooperating category; (issuer not cooperating) H D Motors

FB Fac

IND B-/IND A4

50 Migrated to non-cooperating category; (issuer not cooperating)/(issuer not cooperating) Hamir Real Estate Pvt Ltd

LRD rupee loan facilityIND BBB-(SO)

2,946* Affirmed

* Includes an INR200 million overdraft facility that can be availed as a sublimit of the LRD rupee loan facility Housing And Urban Development Bonds

IND AAA

584.9847 Affirmed Corporation Ltd (reduced from INR594.1847 MLN) Housing And Urban Development GoI Fully Serviced

IND AAA

200

Affirmed Corporation Ltd

bonds Housing And Urban Development LT Bk loans

IND AAA

112.98257Affirmed Corporation Ltd (reduced from INR114.03593 MLN) Housing And Urban Development Proposed Bk loans*

Provisional IND 89.99303 Affirmed Corporation Ltd

AAA/Provisional

IND A1+

* 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; (increased from INR86.98907 MLN) M/S Trans Conduct India

FB limits

IND B/IND A4

65 Migrated to non-cooperating category; (issuer not cooperating)/(issuer not cooperating) Northern Arc 2019 Mfi Glyph

Series A1 pass-through IND A-(SO)

591.58 Assigned

certificates(PTCs) Northern Arc 2019 Mfi Valtteri Series A pass-through IND A+(SO)

599.96 Assigned

certificates (PTCs) Premier Seafoods Exim Pvt Ltd LT loan*

IND B+

73.88

* Reassigned ‘IND B+'/Stable after being downgraded to ‘IND D'; (reduced from INR83.85 MLN); Downgraded and reassigned Premier Seafoods Exim Pvt Ltd FB WC limit#

IND B+/IND A4

111.97 # Reassigned ‘IND B+'/Stable/‘IND A4' after being downgraded to ‘IND D'; (increased from INR102 MLN); Downgraded and reassigned Ratnesh Infra

FB Fac

IND BB-/IND A4+ 30

Assigned Sai Electrocasting Pvt Ltd

FB WC limit

IND BBB-

500 Rating affirmed; Outlook revised to Negative from Stable Satin Creditcare Network Ltd

NCDs*

IND A-

500 *Unutilised; Affirmed; Outlook revised to Positive from Stable Shahi Exports Pvt Ltd

Non-FB limits

IND AA-/IND A1+ 3.5

Assigned Shree Radha Govind Agro

FB WC Fac

IND B+/IND A4

90

Affirmed Industries (increased from INR75.2 MLN) Shree Radha Govind Agro

TL

WD

6.4 Industries Withdrawn (paid in full) Shriram Pistons And Rings Ltd FB WC limit

IND AA

750

Affirmed Subir Diamond Pvt Ltd

FB WC limits

IND B

90

Downgraded Vista Pharmaceuticals Ltd

TL

IND BB-

60

Upgraded Vista Pharmaceuticals Ltd

FB WC Fac

IND BB-/IND A4+ 10

Upgraded ----------------------------------------------------------------------------------------------- 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.

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