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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
March 16, 2020.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ------ ---------
SHORT TERM RATINGS:
-------------------
Avi Global Plast Pvt Ltd Non-FB WC limits IND A3+ 180 Upgraded
Hindustan Petroleum Corporation CP IND A1+ 150 Affirmed
Ltd
LONG TERM RATINGS:
-------------------
Adani Green Energy (Tamil Nadu) Unsupported rating IND A-/Negative - Assigned
Ltd
Adani Green Energy (Tamil Nadu) Rupee TL IND 10787 Affirmed
Ltd A+(CE)/Negative
Outlook revised to Negative from Stable
Adani Green Energy (Tamil Nadu) WC facility IND 430 Affirmed
Ltd A+(CE)/Negative
Outlook revised to Negative from Stable
Adani Green Energy (Tamil Nadu) WC facility* IND 230 Assigned
Ltd A+(CE)/Negative
*The final rating has been assigned after the receipt of final documentation, conforming to the
information already received by Ind-Ra.
Avi Global Plast Pvt Ltd TL IND BBB/Stable 50 Upgraded
Avi Global Plast Pvt Ltd FB WC limit IND 290 Upgraded
BBB/Stable/IND
A3+
Aye Finance Pvt Ltd NCDs (NCDs)* IND A-/Stable 1684 Upgraded
Aye Finance Pvt Ltd NCDs* IND A-/Stable 6450 Assigned
Aye Finance Pvt Ltd LT Bk loans IND A-/Stable 2100 Assigned
Aye Finance Pvt Ltd NCDs* IND A-/Stable 600 Assigned
Hindustan Petroleum Corporation LT Issuer Rating IND AAA/Stable - Affirmed
Ltd
Hindustan Petroleum Corporation NCDs IND AAA/Stable 61 Affirmed
Ltd
Hindustan Petroleum Corporation NCDs# IND AAA/Stable 14 Assigned
Ltd
#The final rating has been assigned after the receipt of the final documents, including the term
sheet and debenture trustee agreement, by the agency. The final terms and conditions are in line
with the information already received by Ind-Ra, based on which the provisional rating was
assigned.
Hindustan Petroleum Corporation WC limits IND 450 Affirmed
Ltd AAA/Stable/IND
A1+
Insta Sme Trust Sep 2019 (An Series A1 pass-through IND 732.7 Assigned
Asset-Backed Security certificates (PTCs) AAA(SO)/Stable
Transaction)
Kamuthi Solar Power Ltd Unsupported rating IND A-/Negative - Assigned
Kamuthi Solar Power Ltd Rupee TL IND 11012 Affirmed
A+(CE)/Negative
Outlook revised to Negative from Stable
Kamuthi Solar Power Ltd WC facility IND 390 Affirmed
A+(CE)/Negative
Outlook revised to Negative from Stable
Kamuthi Solar Power Ltd WC facility* IND 210 Assigned
A+(CE)/Negative
*The final rating has been assigned after the receipt of final documentation, conforming to the
information already received by Ind-Ra.
Kamuthi Renewable Energy Ltd Unsupported rating IND A-/Negative - Assigned
Kamuthi Renewable Energy Ltd Rupee TL IND 3669 Affirmed
A+(CE)/Negative
Outlook revised to Negative from Stable
Kamuthi Renewable Energy Ltd WC facility IND 130 Affirmed
A+(CE)/Negative
Outlook revised to Negative from Stable
Kamuthi Renewable Energy Ltd WC facility* IND 70 Assigned
A+(CE)/Negative
*The final rating has been assigned after the receipt of final documentation, conforming to the
information already received by Ind-Ra.
Mfl Securitisation Trust Series A1 pass-through IND AA(SO)/Stable458.7 Affirmed
Lxviii’S (An Abs Transaction) certificates (PTCs)*
Mfl Securitisation Trust Series A2 PTCs IND AA(SO)/Stable29.3 Affirmed
Lxviii’S (An Abs Transaction)
Mfl Securitisation Trust Second loss credit IND 78.4 Affirmed
Lxviii’S (An Abs Transaction) facility (SLCF) BBB-(SO)/Stable
Ramnad Renewable Energy Ltd Unsupported rating IND A-/Negative - Assigned
Ramnad Renewable Energy Ltd Rupee TL IND 3704 Affirmed
A+(CE)/Negative
Outlook revised to Negative from Stable
Ramnad Renewable Energy Ltd WC facility IND 130 Affirmed
A+(CE)/Negative
Outlook revised to Negative from Stable
Ramnad Renewable Energy Ltd WC facility* IND 70 Assigned
A+(CE)/Negative
*The final rating has been assigned after the receipt of final documentation, conforming to the
information already received by Ind-Ra.
Ramnad Solar Power Ltd Unsupported rating IND A-/Negative - Assigned
Ramnad Solar Power Ltd Rupee TL IND 3879 Affirmed
A+(CE)/Negative
Outlook revised to Negative from Stable
Ramnad Solar Power Ltd WC facility IND 3879 Affirmed
A+(CE)/Negative
Outlook revised to Negative from Stable
Ramnad Solar Power Ltd WC facility* IND 70 Assigned
A+(CE)/Negative
*The final rating has been assigned after the receipt of final documentation, conforming to the
information already received by Ind-Ra.
Sansar Trust Aug 2017 Second loss credit IND A-(SO)/Stable295.5 Affirmed
facility SLCF
Sansar Trust Aug 2017 Series A pass-through IND 1437.7 Affirmed
certificates (PTCs) AAA(SO)/Stable
Sansar Trust June 2019 Ii’S (An Second loss credit IND A-(SO)/Stable229.5 Affirmed
Abs Transaction) facility (SLCF)
Sansar Trust June 2019 Ii’S (An Series A pass-through IND 3256.9 Affirmed
Abs Transaction) certificates (PTCs) AAA(SO)/Stable
Shri Agrawal Technical & TL IND BB- 181.7 -
Education Society
Maintained in non-cooperating category; (Issuer Not Cooperating)
Shri Agrawal Technical & FB WC facility IND BB- 149 -
Education Society
Maintained in non-cooperating category; (Issuer Not Cooperating)
Small Business Loan - Pcg - Assignee payout* Provisional IND 954.06 Assigned
Series 03 AA(SO)/Stable
*The final rating is contingent upon the receipt of the final documents conforming to the
information already received. The pool of loans to small businesses secured by property
mortgages to be assigned to the trust has been originated by Shriram City Union Finance Limited
(SCUF; originator or seller; ‘IND AA’/Stable).
Small Business Loan - Pcg - Assignee payout* Provisional IND 2999.9 Assigned
Series 04 AA(SO)/Stable
*The final rating is contingent upon the receipt of the final documents conforming to the
information already received. The pool of loans to small businesses secured by property
mortgages to be assigned to the trust has been originated by Shriram City Union Finance Limited
(SCUF; originator or seller; ‘IND AA’/Stable).
-----------------------------------------------------------------------------------------------
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
