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India Ratings for Indian debt instruments – Dec 28

    Dec 28 - 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
December 24 and 25, 2020.

COMPANY                         INSTRUMENT            RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------            ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Crest Engineering Solutions    Non-FB WC facility     IND A4           210     -
(Issuer Not Cooperating); Migrated to non-cooperating category
Gujarat State Fertilisers &    ST debt programme      IND A1+          9650    Affirmed
Chemicals Ltd
(increased from INR8,000)
Gujarat State Fertilisers &    CP                     IND A1+          10000   Affirmed
Chemicals Ltd
Hdfc                           Overnight Fund         IND A1+mfs       -       Affirmed
Icici                          Overnight Fund         IND A1+mfs       -       Withdrawn
Kotak Mahindra                 Liquid Fund            IND A1+mfs       -       Withdrawn
Owens-Corning (I) Pvt Ltd      Non-FB WC limits       IND A1+          300     Assigned
Urban Development Corporation  CPs                    IND A1+          100000  Affirmed
Ltd
Urban Development Corporation  ST Bk loans            IND A1+          51900   Affirmed
Ltd
(increased from INR44.4)
Vardhman Textiles Ltd          CP programme^          IND A1+          10000   Affirmed
^Carved out of the existing fund-based working capital banking lines

LONG TERM RATINGS:
-------------------
Crest Engineering Solutions    FB WC facility         IND B- / IND A4  90      -
(Issuer Not Cooperating); Migrated to non-cooperating category
Csl Telesto 12 2020 Trust (An  Series A1a             Provisional IND  248.86  Assigned
Asset-Backed Securities        pass-through           A(SO)/Stable
Transaction)                   certificates (PTCs)
Csl Telesto 12 2020 Trust (An  Series A1b             Provisional IND  391.06  Assigned
Asset-Backed Securities        pass-through           A(SO)/Stable
Transaction)                   certificates (PTCs)
Gujarat State Fertilisers &    FB WC limits           IND              3000    Affirmed
Chemicals Ltd                                         AA+/Stable/IND
                                                      A1+
Outlook revised to Stable from Negative,(reduced from INR4,650)
Gujarat State Fertilisers &    Non-FB WC limits       IND              10000   Affirmed
Chemicals Ltd                                         AA+/Stable/IND
                                                      A1+
Outlook revised to Stable from Negative
Kundli Manesar Expressway Ltd  TL (LT)                IND D            13000   Downgraded
Note-This announcement rectifies the version published on 23 December 2020 to correctly state
the company’s revenue from operations and construction expenses for FY20. The amended version is
as above:
Macrotech Developers Ltd       NCDs (NCDs)            IND BBB-/Stable  4950    Upgraded; Off
                                                                               RWN
Macrotech Developers Ltd       Bk loans               IND BBB-/Stable  1500    Upgraded; Off
                                                                               RWN
Maharashtra Patbandhare VittiyaSeries IV Bonds Option IND A(CE)/Stable 194     Affirmed
Co. Ltd                        B
Maharashtra Patbandhare VittiyaUnsupported rating     IND BBB+/Stable  -       Affirmed
Co. Ltd
Mfl Securitisation Trust Xcvi  Series A1 pass-through Provisional IND  763.6   Assigned
(An Asset-Backed Securities    certificates (PTCs)*   AA(SO)/Stable
Transaction)
* The assignment of final ratings is contingent upon the receipt of final documents conforming
to the information already received. 
Mfl Securitisation Trust Xcvi  Series A2 PTCs*        Provisional IND  48.7    Assigned
(An Asset-Backed Securities                           AA(SO)/Stable
Transaction)
* The assignment of final ratings is contingent upon the receipt of final documents conforming
to the information already received. 
Mfl Securitisation Trust Xcvi  Second-loss credit     Provisional IND  48.7    Assigned
(An Asset-Backed Securities    facility (SLCF)*       BBB-(SO)/Stable
Transaction)
* The assignment of final ratings is contingent upon the receipt of final documents conforming
to the information already received. 
Muthoottu Mini Financiers Ltd  Bk loans               IND BBB/Stable   5000    Affirmed
Muthoottu Mini Financiers Ltd  NCDs                   IND BBB/Stable   6011.1  Affirmed
(reduced from INR7,125)
Muthoottu Mini Financiers Ltd  Proposed NCDs#         IND BBB/Stable   5000    Assigned
#the amount is unallocated
Northern Arc                   PBI                    IND BBB+(CE)     20.67   Assigned
                                                      /Stable
Owens-Corning (I) Pvt Ltd      WC limits              IND              1400    Affirmed
                                                      AA/Stable/IND A1+
Outlook revised to Stable from Negative(increased from INR500)
Shriram Transport Finance      NCD                    Provisional IND  5000    Assigned
Company Ltd                                           AAA(CE)/Stable
Urban Development Corporation  Bonds                  IND AAA/Stable   582284.7Affirmed
Ltd
(reduced from INR607.9347)
Urban Development Corporation  Government of India    IND AAA/Stable   200000  Affirmed
Ltd                            (GoI) fully serviced
                               bonds
Urban Development Corporation  LT Bk loans            IND AAA/Stable   54500   Affirmed
Ltd
(reduced from INR61.8)
Urban Development Corporation  Domestic term deposit  IND tAAA         20000   Affirmed
Ltd
Urban Development Corporation  Proposed Bk loans*     Provisional IND  93610   Affirmed
Ltd                                                   AAA/Stable and
                                                      Provisional IND A1+
(reduced from INR143.8),* The rating is provisional and shall be confirmed upon the sanction and
execution of loan documents for the above facilities by HUDCO to the satisfaction of Ind-Ra.  
Vivriti Morton 03 2020 (An     Series A pass-through  IND A-(SO)/RWN   150     Downgraded
Asset-Backed Security          certificates (PTCs)
Transaction)
assigned and maintained on Rating Watch Negative (RWN)
-----------------------------------------------------------------------------------------------
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)
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