Sadbhav Infrastructure Project Limited — Capital/Financing Update 2021

Mar 26, 2021

ratingasdetailedbelow:FacilitiesAmountRating(Rs. Crores)Non-150.00CAREBBB(CE)(CWN)Convertible[Triple B (CreditDebentureEnhancement)](Under CrewatchwithNegativeImplications)Non-89.20CAREBBB(CE)(CWN)Convertible[Triple B (CreditDebentureEnhancement)](Under CredwatchwithNegativeImplications)Non-110.80CAREBBB(CE)(CWN)Convertible[Triple B (CreditDebentureEnhancement)](Under CredwatchwithNegativeImlications)
	FacilitiesAmountRating(Rs. Crores)Non-150.00CAREBBB(CE)(CWN)Convertible[Triple B (CreditDebentureEnhancement)](Under CrewatchwithNegativeImplications)Non-89.20CAREBBB(CE)(CWN)Convertible[Triple B (CreditDebentureEnhancement)](Under CredwatchwithNegativeImplications)Non-110.80CAREBBB(CE)(CWN)Convertible[Triple B (CreditDebentureEnhancement)](Under CredwatchwithNegativeImlications)	Rating	Action
		Revised fromCAREBBB+
		(CE)[Triple B Plus (Credit
		itEnhancement)];Continues
		tobeonCred	itwatchwith
		Negative Im	plications
		Revised fromCAREBBB+(CE)[Triple B Plus (CredititEnhancement)];Continuestobeon CreditwatchwithNegative Implications
		Rid fCAREBBB
		evse rom(CE)[Triple B	+Plus (Credit
		itEnhancement	];Continues
		tobeonCredit watch withNeative Imlications
	pg pLongTerm/400.00CAREBBB/CAREA3+Revised fromCAREBBB+/Short-(CWN) (Triple B / AThreeCAREA3+ (Triple BPlus/
termBankPlus) (Under CreditwatchFacilitieswithNegative Implications)Rationale Summary: The revision istoreflect similarratingProject LimitedduetoitsparentCompanyi.e.SadbhavEngine	termBankPlus) (Under CreditwatchFacilitieswithNegative Implications)	AThreePlus); beonCredit	Continuesto watchwith
		Negative Im	plications
		actiononSadbhavInfrastructure
		ering Limited.