India Ratings for Indian debt instruments – Oct 23

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India Ratings for Indian debt instruments – Oct 23
Credit: © Reuters.

Oct 23 (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 October 22, 2018. COMPANY

INSTRUMENT

RATING

AMOUNT MOVEMENT

(RS.MLN) ------

----------

------

------ --------- SHORT TERM RATINGS: ------------------- Cg Power And Industrial

Derivative limits

IND A1+

660

Affirmed Solutions Ltd Cipla (NS: CIPL ) Ltd

CP (CP)

IND A1+

10000

Affirmed LONG TERM RATINGS: ------------------- Cg Power And Industrial

TL

IND AA-

11320

Downgraded Solutions Ltd (increased from INR6,650mlns) Cg Power And Industrial

Bk Fac

IND AA- /IND A1+ 38750

Downgraded Solutions Ltd

/Affirmed (increased from INR37,000 mlns) Cg Power And Industrial

CP

WD

1000

Withdrawn Solutions Ltd (the company did not proceed with the instrument as envisaged) Cipla Ltd

Proposed NCDs (NCDs)* Provisional IND 10000

Affirmed

AAA

* The final rating will be assigned following the closure of the issue upon the receipt of the final documentation, conforming to the information already received by Ind-Ra. Dena Bank (NS: DENA ) Ltd.

Lower Tier 2

WD

4500

Withdrawn

subordinated bonds Dena Bank Ltd.

Perpetual Tier 1 bonds WD

1600

Withdrawn Dena Bank Ltd.

Certificates of

WD

20000

Withdrawn

deposits Himachal Futuristic (NS: HMFC )

6.5% Cumulative

IND BBB-

603.8

Affirmed Communications Ltd

redeemable PS# Outlook revised to stable from negative # The instrument is rated two notches lower than HFCL's Long-Term Issuer Rating of ‘IND BBB+'/Stable due to the subordinated nature of the instrument to bank debt./(reduced from 805 mlns) Himachal Futuristic

FB WC limits*

WD

1500 Communications Ltd (Affirmed with Outlook revised to Stable from Negative, and withdrawn) *Affirmed at ‘IND BBB+'/Stable/'IND A2+' before being withdrawn Himachal Futuristic

Non-FB WC limits**

WD

4507

Communications Ltd (Affirmed with Outlook revised to Stable from Negative, and withdrawn) **Affirmed at' IND BBB+/Stable/IND A2+ before being withdrawn Himachal Futuristic

TL***

WD

2104.5

Communications Ltd (Affirmed with Outlook revised to Stable from Negative, and withdrawn) ***Affirmed at ‘IND BBB+'/Stable before being withdrawn Il&Fs Education And Technology WC TL limits

IND B+

290

Downgraded Services Ltd Il&Fs Education And Technology TL

IND B+

100

Downgraded Services Ltd Il&Fs Education And Technology FB WC

IND B+ /IND A4 850

Downgraded Services Ltd Il&Fs Education And Technology Non-FB WC

IND B+/IND A4

2244

Downgraded Services Ltd Kaithal Tollway Pvt Ltd

Senior project Bk loan*IND A+(SO)

14000

Affirmed

* Includes an INR9,500 million letter of credit as the facility's sublimit Kalanjiam Development Financial Bk loans

IND BB-

340

Affirmed Service Kochi Salem Pipeline Pvt Ltd

TL

IND A-

5188

Affirmed (reduced from INR7,228.7mlns)/Outlook revised; off RWN Selvaraaj Prabhu And Company

FB WC Fac (long-/ST) IND D

177.5

Affirmed Issuer Not Cooperating Shree Tirupati Balajee Fibc

TL

IND BBB-

50 Pvt. Ltd Maintained in Non-Cooperating Category,(Issuer Not Cooperating) Shree Tirupati Balajee Fibc

FB WC limit

IND BBB- /IND A3 150 Pvt. Ltd Maintained in Non-Cooperating Category,(Issuer Not Cooperating) Shreepati Jewels

TL (LT)

IND D

469.2 Maintained in Non-Cooperating Category,(Issuer Not Cooperating) Shreepati Jewels

FB WC limit (LT)

IND D

47.5 Maintained in Non-Cooperating Category,(Issuer Not Cooperating) Sri Gayatri Cotton Mills

FB WC limit

IND B /IND A4 15 Maintained in Non-Cooperating Category,(Issuer Not Cooperating) Sri Gayatri Cotton Mills

TL

IND B

38.5 Maintained in Non-Cooperating Category,(Issuer Not Cooperating) Udaipur Tollway Pvt Ltd

Senior project Bk loansIND BBB-

14609

Affirmed Vijaya Bank (NS: VJBK )

Lower Tier II bonds

WD

6500

Withdrawn Vijaya Bank

Upper Tier II bonds

WD

6000

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 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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