Home Business & Finance India Ratings for Indian debt instruments – Sep 5
India Ratings for Indian debt instruments – Sep 5

India Ratings for Indian debt instruments – Sep 5

0
0

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:
-------------------
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:
-------------------
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Maintained in the non-cooperating category and withdrawn; * Maintained in ‘IND A4+(issuer not
cooperating)’ before being withdrawn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Maintained in the non-cooperating category and withdrawn; * Maintained in ‘IND A4+(issuer not
cooperating)’ before being withdrawn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Maintained in the non-cooperating category and withdrawn; ^ Maintained in ‘Provisional IND
A4+(issuer not cooperating)’ before being withdrawn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

-----------------------------------------------------------------------------------------------
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
Anand Gupta Editor - EQ Int'l Media Network