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 30, 2020.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
—— ———- —— —— ———
SHORT TERM RATINGS:
——————-
Acme Odisha Solar Power Pvt LtdWC IND A2+(CE) 120 Assigned
Acme Raipur Solar Power Pvt LtdWC IND A2+(CE) 110 Assigned
Digilogic Systems Pvt Ltd Non-FB limits IND A4+ 18 –
(Issuer Not Cooperating) Maintained in non-cooperating category
Godawari Power & Ispat Ltd Non-FB limits IND A1 1346.8 Upgrade
Kalyani Technoforge Ltd Non FB WC limits IND A1 750 Affirmed; Off
RWN
Ultratech Cement Ltd Non-FB limits IND A1+ 64850 Affirmed
(increased from INR46.15)
Ultratech Cement Ltd CP IND A1+ 45000 Affirmed
Ultratech Cement Ltd Short-TL IND A1+ 5250 Affirmed
(reduced from INR15)
LONG TERM RATINGS:
——————-
Acme Odisha Solar Power Pvt LtdSenior project TL IND A-(CE)/Stable1485.4 Assigned
Acme Odisha Solar Power Pvt LtdUnsupported rating# IND BBB+/ Stable – Assigned
#Ind-Ra has assigned an unsupported rating for the same amount and maturity, in compliance with
the Securities Exchange Board of India’s circular dated 13 June 2019, which requires credit
rating agencies to disclose unsupported ratings without factoring in the explicit credit
enhancement (CE) and supported rating after factoring in the explicit CE.
Acme Raipur Solar Power Pvt LtdSenior project TL IND A-(CE)/Stable1372.8 Assigned
Acme Raipur Solar Power Pvt LtdUnsupported rating# IND BBB+/ Stable – Assigned
#Ind-Ra has assigned an unsupported rating for the same amount and maturity, in compliance with
the Securities Exchange Board of India’s circular dated 13 June 2019, which requires credit
rating agencies to disclose unsupported ratings without factoring in the explicit credit
enhancement (CE) and supported rating after factoring in the explicit CE.
Adani Airport Holdings Ltd Proposed TL Provisional IND 10000 Assigned
A+/Stable
Digilogic Systems Pvt Ltd FB limits IND BB-/IND A4+ 30 –
(Issuer Not Cooperating) Maintained in non-cooperating category
Digilogic Systems Pvt Ltd Proposed non-FB limits*WD 45 Withdrawn
*The rating has been withdrawn since the instrument was outstanding for over 180 days.
Godawari Power & Ispat Ltd TL IND A/Stable 6934.3 Upgrade
(reduced from INR9,393)
Godawari Power & Ispat Ltd FB limits IND A/Stable 1938 Upgrade
Green Infra Wind Energy Ltd NCDs (NCDs) IND AA/Positive 10000 Affirmed
Green Infra Wind Energy Ltd TL IND AA-/Positive 11254.8 Affirmed
(increased from INR9,770)
Green Infra Wind Energy Ltd WC facility IND 500 Affirmed
AA-/Positive/IND
A1+
Green Infra Wind Energy Ltd LOC facility IND 4000 Affirmed
AA-/Positive/IND
A1+
Kalyani Technoforge Ltd TL IND A/Positive 3849 Affirmed; Off
RWN
Kalyani Technoforge Ltd FB WC limits IND 5900 Affirmed; Off
A/Positive/IND A1 RWN
Kler Wine FB WC limits IND 70 Assigned
B+/Stable/IND A4
Mm Trust Dec 20 (An Abs Series A PTC (PTCs) Provisional IND 14555.22Assigned
Transaction) AAA(SO)/Stable
Ultratech Cement Ltd NCDs (NCDs) IND AAA/Stable 5000 Affirmed
Ultratech Cement Ltd FB limits IND 15150 Affirmed
AAA/Stable/IND
A1+
(increased from INR13.85)
Vena Energy Solar Ravi India Rupee TL IND AA-/Stable 4750 Assigned
Power Resources Pvt Ltd
Vena Energy Solar Ravi India Rupee TL* WD 3804.1 Withdrawn
Power Resources Pvt Ltd
*The agency has withdrawn the ratings of earlier term loan on the receipt of no-dues
certificates from the lenders and the new facility was utilised to completely pay off the
previous outstanding term loan.
———————————————————————————————–
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.
Source: reuters
