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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
April 29, 2020.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ------ ---------
SHORT TERM RATINGS:
-------------------
Bhopal Tractors Pvt Ltd Non-FBL IND A4 + 40 Downgraded
Gujarat Gas Ltd CP** IND A1+ 0.35 Affirmed
**to be carved out of existing working capital limits
Rashtriya Ispat Nigam Ltd Non-FB WC limits IND A3+ 22650 Downgraded
(reduced from INR 22,850 mlns)
Rashtriya Ispat Nigam Ltd CP* IND A3+ 20000 Downgraded
*Carved out of the existing fund-based working capital limits
Riddhi Steel & Tube Pvt Ltd Non-FB WC limits IND A4+ 90 Downgraded
Issuer Not Cooperating
Suneja Sons Non-FB WC limit IND A4+ 140 -
Migrated to non-cooperating category(Issuer not Cooperating)
LONG TERM RATINGS:
-------------------
Azeem Infinite Dwelling India NCDs – Series 1 IND BB 2000 -
Pvt Ltd
Migrated to non-cooperating category(Issuer not Cooperating)
Azeem Infinite Dwelling India NCDs – Series 2 IND BB 1950 -
Pvt Ltd
Migrated to non-cooperating category(Issuer not Cooperating)
Bhopal Tractors Pvt Ltd FB limit IND BB+ 60 Downgraded
East North Interconnection Co. TL^ Provisional IND 9000 Assigned
Ltd AAA/Stable
^ The final rating is contingent upon the receipt of the trust and retention agreement
conforming to the information already received by Ind-Ra. ENICL has executed the facility
agreement and India Grid Trust’s (the sponsor) undertakings.
East North Interconnection Co. NCDs(NCDs) WD 7525 Withdrawn
Ltd (paid in full)
East North Interconnection Co. TL WD 400 Withdrawn
Ltd (paid in full)
Gujarat Gas Ltd Bk loans* IND 32 -
AA+/Stable/IND
A1+
* Interchangeable with working capital limits/Long-term rating upgraded; Short-term rating
affirmed
Indian Renewable Energy Targeted LT Repo IND AAA/Negative 20000 Assigned
Development Agency Ltd Operations 2.0 (TLTRO)
Bonds $
$ INR5,000 million yet to be issued
Indian Renewable Energy Sub-debt$ IND AAA/Negative 5000 Assigned
Development Agency Ltd
$ INR5,000 million yet to be issued
Indian Renewable Energy FY20 borrowing IND AAA/Negative 18030 Affirmed
Development Agency Ltd programme
(reduced from 41,000 mlns)
Indian Renewable Energy FY19 borrowing IND AAA/Negative 8650 Affirmed
Development Agency Ltd programme
Indian Renewable Energy Sub debt* IND AAA/Negative 7500 Affirmed
Development Agency Ltd
*INR1,500 million raised in FY19
Indian Renewable Energy Bonds IND AAA/Negative 7000 Affirmed
Development Agency Ltd
Indian Renewable Energy Tax-free bonds IND AAA/Negative 20000 Affirmed
Development Agency Ltd
Indian Renewable Energy GoI fully serviced IND AAA/Negative 21400 Affirmed
Development Agency Ltd bonds**,$
** The servicing of these bonds is a charged expenditure on the central budget, as clearly
articulated in the memorandum of understanding signed between the Ministry of New and Renewable
Energy (MNRE) and IREDA./$ INR5,000 million yet to be issued
Mahanadi Education Society TL IND BB 74.5 -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Mahanadi Education Society WC facility IND BB 100 -
Maintained in Non-Cooperating Category(Issuer Not Cooperting)
Mosavi Enterprises Pvt Ltd NCDs (NCDs) IND BB/RWN 960 Downgraded
Placed on RWN
Purbanchal Laminates Pvt Ltd FB limits * WD 77.5 Maintained in
non
cooperating
category and
withdrawn
* Maintained at ‘IND BBB-(ISSUER NOT COOPERATING)’ before being withdrawn
Purbanchal Laminates Pvt Ltd Non-FBL # WD 40 Maintained in
non
cooperating
category and
withdrawn
# Maintained at ‘IND A3(ISSUER NOT COOPERATING)’ before being withdrawn
Purbanchal Laminates Pvt Ltd TL * WD 22.5 Maintained in
non
cooperating
category and
withdrawn
* Maintained at ‘IND BBB-(ISSUER NOT COOPERATING)’ before being withdrawn
Rashtriya Ispat Nigam Ltd Non-FB limits IND BBB/Negative 8000 Downgraded
Rashtriya Ispat Nigam Ltd TL IND BBB/Negative 125616 Downgraded
(increased from INR106,732 mlns)
Rashtriya Ispat Nigam Ltd FB WC limits IND 117273.6 Downgraded
BBB/Negative/IND
A3+
(increased from INR 95,248.5 mlns)
Riddhi Steel & Tube Pvt Ltd Long-TL IND BB+ 30 Downgraded
Issuer Not Cooperating
Riddhi Steel & Tube Pvt Ltd FB WC limits IND BB+ /IND A4+ 260 Downgraded
Issuer Not Cooperating
Riddhi Steel & Tube Pvt Ltd Proposed FB WC limits WD 50 Withdrawn
Rsh Global Pvt Ltd FB limits IND BBB+/Stable 495 Affirmed
(increase from INR 295 mlns)
Salasar Plywood Pvt Ltd FB WC limit* WD 5 Maintained in
non
cooperating
category and
withdrawn
* Maintained at ‘IND BBB-(ISSUER NOT COOPERATING)’ before being withdrawn
Salasar Plywood Pvt Ltd NFB WC limit# WD 80 Maintained in
non
cooperating
category and
withdrawn
# Maintained at ‘IND A3(ISSUER NOT COOPERATING)’ before being withdrawn
Seaways Shipping And Logistics Non-FB limits IND A4+/RWN 50 -
Ltd
Placed on RWN
Seaways Shipping And Logistics NCD (NCD) IND BB/RWN 640 Downgraded
Ltd
placed on RWN
Seaways Shipping And Logistics NCD IND BB/RWN 250 Downgraded
Ltd
placed on RWN
Seaways Shipping And Logistics FB limits IND BB/RWN/IND 250 -
Ltd A4+/RWN
Long-term rating downgraded and short-term affirmed; placed on RWN
Suneja Sons FB WC limit IND BB+ /IND A4+ 150 -
Migrated to non-cooperating category(Issuer not Cooperating)
-----------------------------------------------------------------------------------------------
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)
Source: reuters
