Nov 12 - 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
November 11, 2020.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------ ---------- ------ ------ ---------
SHORT TERM RATINGS:
-------------------
Anadrone Systems Pvt Ltd Non-FB WC limits IND A4 105 -
(Issuer Not Cooperating); Migrated to non-cooperating category
Asset Reconstruction Company ST debt/CP# (CP) IND A1+ 2000 Affirmed
(I) Ltd
#The short-term debt has been carved out of the overall debt limit of INR7.5 billion; no amount
is outstanding.
Furnace Fabrica (I) Ltd Non-FB limit IND A4+ 3355 Downgraded
(reduced from INR3400)
Steel Authority Of India Ltd Non-FB WC limits IND A1+ 50000 Affirmed
Steel Authority Of India Ltd CP (CP) IND A1+ 80000 Affirmed
LONG TERM RATINGS:
-------------------
Adamas Builders Pvt Ltd TL IND AA/Stable 4270 Assigned
Anadrone Systems Pvt Ltd FB WC limits IND B- 35 -
(Issuer Not Cooperating); Migrated to non-cooperating category
Asset Reconstruction Company LT Bk loans IND A+/Stable 7500 Affirmed
(I) Ltd
Furnace Fabrica (I) Ltd FB limit IND BB/Negative 630 Downgraded
Hazaribagh Tollway Ltd TL* IND AA(CE)/Stable6803.6 Assigned
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. )
Hazaribagh Tollway Ltd Unsupported rating IND AA/Stable - Affirmed
Jai Bhavani Furnishing Pvt Ltd FB WC limits IND BB- 80 -
(Issuer Not Cooperating) Maintained in non-cooperating category
Jai Bhavani Furnishing Pvt Ltd Proposed FB WC limits WD 40 Withdrawn
(the company did not proceed with the instrument as envisaged)
Jhansi-Lalitpur Tollway Ltd TL* IND AA(CE)/Stable325070 Assigned
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. )
Jhansi-Lalitpur Tollway Ltd Unsupported rating IND AA/Stable - Affirmed
Jhansi-Vigakhet Tollway Ltd TL* IND AA(CE)/Stable1961.4 Assigned
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. )
Jhansi-Vigakhet Tollway Ltd Unsupported rating IND AA/Stable - Affirmed
Kanyakumari-Etturavattam TL* IND AA(CE)/Stable3221.2 Assigned
Tollway Ltd
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. )
Kanyakumari-Etturavattam Unsupported rating IND AA/Stable - Affirmed
Tollway Ltd
Kotwa-Muzaffarpur Tollway Ltd TL* IND AA(CE)/Stable4937.5 Assigned
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. )
Kotwa-Muzaffarpur Tollway Ltd Unsupported rating IND AA/Stable - Affirmed
Lucknow-Raebareli Tollway Ltd TL* IND AA(CE)/Stable3091.3 Assigned
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. )
Lucknow-Raebareli Tollway Ltd Unsupported rating IND AA/Stable - Affirmed
Madurai-Kanyakumari Tollway LtdTL* IND AA(CE)/Stable4783.7 Assigned
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. )
Madurai-Kanyakumari Tollway LtdUnsupported rating IND AA/Stable - Affirmed
Mahua Bharatpur Expressways LtdSeries A NCDs IND AAA/Stable 1750 Affirmed
Mahua Bharatpur Expressways LtdSeries B NCDs WD 34 Withdrawn
(paid in full)
Nanguneri-Kanyakumari Tollway TL* IND AA(CE)/Stable3583.5 Assigned
Ltd
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. )
Nanguneri-Kanyakumari Tollway Unsupported rating IND AA/Stable - Affirmed
Ltd
Parsvnath Hotels Ltd TL (LT) IND D 116.25 Affirmed
Salaipudhur-Madurai Tollway LtdTL* IND AA(CE)/Stable3364.4 Assigned
(*The final rating has been assigned on the receipt of the executed financing documents by
Ind-Ra. The unsupported rating assigned is 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. )
Salaipudhur-Madurai Tollway LtdUnsupported rating IND AA/Stable - Affirmed
Spandana Sphoorty Financial LtdNCDs (NCDs)* IND A/Stable 1500 Assigned
*Yet to be issued
Spandana Sphoorty Financial LtdMarket- linked IND A/Stable 750 Assigned
debentures*
*Yet to be issued
Steel Authority Of India Ltd Bonds IND AA-/Negative 63040 Affirmed
(reduced from INR95,070)
Steel Authority Of India Ltd Bk loan IND AA-/Negative 20000 Affirmed
Steel Authority Of India Ltd Non-FB limits IND AA-/Negative 50000 Affirmed
Steel Authority Of India Ltd FB WC based limits IND AA-/Negative 85000# Affirmed
/IND A1+
# Consortium lead bank sanctioned limits INR100,000 million as on date
Steel Authority Of India Ltd Public deposits IND tAA/Negative 10000 Affirmed
The West Bengal Power FB WC limits IND 21000 Downgraded
Development Corporation Ltd BBB-/Stable/IND
A3
(increased from INR19)
The West Bengal Power Non-FB WC limits IND 3600 Downgraded
Development Corporation Ltd BBB-/Stable/IND
A3
(increased from INR2.6)
Va Tech Wabag Ltd TL IND A+/Stable 600 Assigned
Va Tech Wabag Ltd FB WC Fac IND 4119 Assigned
A+/Stable/IND A1
Va Tech Wabag Ltd Non-FB WC Fac IND 31010 Assigned
A+/Stable/IND A1
Va Tech Wabag Ltd Proposed fund and IND 4271 Assigned
non-FB WC Fac* A+/Stable/IND A1
* The agency has assigned final ratings to the proposed bank facilities as per Ind-Ra’s updated
policy. This is because the agency notes that debt seniority and general terms and conditions of
working capital facilities are likely to be the same as that of the existing ones.
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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@refinitiv.com)