India Ratings for Indian debt instruments – Sep 5
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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
September 4, 2019.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ------ ---------
SHORT TERM RATINGS:
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Canara Bank CDs IND A1+ 300 Affirmed
Gujarat Co-Operative Milk CP IND A1+ 3000 Assigned
Marketing Federation Ltd
Gujarat Co-Operative Milk CP IND A1+ 5000 Affirmed
Marketing Federation Ltd
Indian Bank CDs IND A1+ 120 Affirmed
Syndicate Bank CDs IND A1+ 150 Affirmed
LONG TERM RATINGS:
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Allahabad Bank Basel III Tier 2 bonds IND AA-/ RWE 10
Placed on RWE
Asian Tea Company Pvt Ltd FB limits* WD 300
Maintained in the non-cooperating category and withdrawn; * Maintained in ‘IND A4+(issuer not
cooperating)’ before being withdrawn
Asian Tea Company Pvt Ltd Non-FB limits* WD 50
Maintained in the non-cooperating category and withdrawn; * Maintained in ‘IND A4+(issuer not
cooperating)’ before being withdrawn
Asian Tea Company Pvt Ltd Proposed FB limits^ WD 200
Maintained in the non-cooperating category and withdrawn; ^ Maintained in ‘Provisional IND
A4+(issuer not cooperating)’ before being withdrawn
Canara Bank Basel III AT1 bonds IND AA/ RWN 40
Placed on RWN
Canara Bank Basel III Tier 2 IND AAA/ RWN 54
instrument
Placed on RWN
Corporation Bank Basel III Compliant IND AA-/ RWE 5
Tier 2 Bonds
Placed on RWE
Corporation Bank Basel III Compliant IND AA-/ RWE 10
Tier 2 Bonds*
Placed on RWE; *Yet to be issued
Indian Renewable Energy FY20 Borrowing IND AAA/ Negative41000 Assigned
Development Agency Ltd Programme
Indian Renewable Energy FY19 Borrowing IND AAA/ Negative8650
Development Agency Ltd Programme
Affirmed; Outlook revised to Negative from Stable; reduced from INR29,500 mln
Indian Renewable Energy Sub debt* IND AAA/ Negative7500
Development Agency Ltd
Affirmed; Outlook revised to Negative from Stable; * INR1,500 million raised in FY19
Indian Renewable Energy Bonds IND AAA/ Negative7000
Development Agency Ltd
Affirmed; Outlook revised to Negative from Stable
Indian Renewable Energy Tax-free bonds IND AAA/ Negative20000
Development Agency Ltd
Affirmed; Outlook revised to Negative from Stable
Indian Renewable Energy GoI fully serviced IND AAA/ Stable 16400 Affirmed
Development Agency Ltd bonds**
** The servicing of these bonds is a charged expenditure on the central budget, as clearly
articulated in MoU signed between Ministry of New and Renewable Energy (MNRE) and IREDA.
Jajpur Cements Pvt Ltd TL IND A-/ Stable 2000 Assigned
Loocust Incorp Apparel Export TL (LT) IND D 150
Pvt Ltd
Downgraded; reduced from INR238 mln
Loocust Incorp Apparel Export FB Fac (ST) IND D 980
Pvt Ltd
Downgraded; increased from INR862 mln
Loocust Incorp Apparel Export Non-FB Fac (ST) IND D 420 Downgraded
Pvt Ltd
Northern Arc 2019 Sbl Bilbao Series A1 pass-through Provisional IND 499.75 Assigned
(An Asset-Backed Securities certificates (PTCs) A+(SO)/ Stable
Transaction)
Northern Arc 2019 Sbl Bilbao Series A2 PTCs Provisional IND 11.11 Assigned
(An Asset-Backed Securities BBB+(SO)/ Stable
Transaction)
Oriental Bank Of Commerce Ltd LT Issuer Rating IND AA
Rating Watch Evolving
Punjab National Bank Additional Tier I IND A/ RWE 67.5
(AT1) bonds
Placed on RWE
Punjab National Bank Basel III Tier 2 bonds IND AA+/ RWE 55
Placed on RWE
Punjab National Bank Senior infrastructure IND AA+/ RWE 20
bonds
Placed on RWE
Sansar Trust Sep 2016 Iv (An Second loss credit IND A-(SO)/ 264.3 Affirmed
Abs Transaction) facility SLCF Stable
Sansar Trust Sep 2016 Iv (An Series A pass-through IND AAA(SO)/ 406.6 Affirmed
Abs Transaction) certificates (PTCs) Stable
Satguru Cement Pvt Ltd TL IND A-/ Stable 2750 Assigned
Sustainable Agro-Commercial Subordinated debt IND BB/ RWN 700
Finance Ltd
Downgraded; maintained on RWN
Sustainable Agro-Commercial Bk loans IND BB/ RWN 3265
Finance Ltd
Downgraded; maintained on RWN; reduced from INR3,330 mln
Syndicate Bank Basel III AT1 IND A+/ RWE 38
perpetual bonds
Placed on RWE
Syndicate Bank Basel III-complaint IND AA/ RWE 16
Tier 2 bonds
Placed on RWE
Union Bank Of India Basel III AT1 Bonds IND AA/ RWE 45
Placed on RWE
Union Bank Of India Basel III Complaint IND AA+/ RWE 10
Tier II Bonds
Placed on RWE
Union Bank Of India Lower Tier II Bonds WD 4
Withdrawn (paid in full)
United Bank Of India LT Issuer Rating IND AA- -
Rating Watch Evolving
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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@thomsonreuters.com)
Source: reuters
