AI assistant
Yes Bank Ltd. Capital/Financing Update 2020
61580_rns_2020-02-25_2c6ebc19-9312-430c-8e70-ac2908b7b073.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
YBL/ CS/ 2019-20 / 17 4
February 25, 2020
National Stock Exchange of India Limited Exchange Plaza, Plot no. C/1, G Block Bandra - Kurla Complex, Bandra (E) Mumbai- 400 051 NSE Symbol: YESBANK
BSE Limited Corporate Relations Department P.J. Towers, Dalal Street Mumbai - 400 001 BSE Scrip Code: 532648
Dear Sirs,
Subject: Press release on Ratings by CARE Ratings
Please find enclosed press release issued by CARE Ratings on credit ratings of the Bank.
Kindly take the above on record.
The same is being hosted on the Bank's website www.yesbank.in in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Thanking you,
~hivanand 1ettigar Group Company Secretary
Encl.: as above
Yes Bank Limited
February 24, 2020
| Ratings | |||
|---|---|---|---|
| Instrument / Facility | Amount (Rs. crore) | Rating1 | Rating Action |
| Infrastructure Bonds | 5,000.00 (Rs. Five thousand crore only) |
CARE A- (A Minus) (Credit Watch with Negative Implications) |
Revised from 'CARE A; Negative' and placed on Credit Watch with Negative Implications |
| Lower Tier II Bonds | 2,530.60 (Rs. Two thousand five hundred thirty crore sixty lakh only) |
CARE A- (A Minus) (Credit Watch with Negative Implications) |
Revised from 'CARE A; Negative' and placed on Credit Watch with Negative Implications |
| Tier II Bonds (Basel III) |
8,900.00 (Rs. Eight thousand nine hundred crore only) |
CARE A- (A Minus) (Credit Watch with Negative Implications) |
Revised from 'CARE A; Negative' and placed on Credit Watch with Negative Implications |
| Additional Tier I Bonds (Basel III)# |
3,600.00 (Rs. Three thousand six hundred crore only) |
CARE BBB- (Triple B Minus) (Credit Watch with Negative Implications) |
Revised from 'CARE BBB; Negative' and placed on Credit Watch with Negative Implications |
| Upper Tier II Bonds@ | 904.10 (Rs. Nine hundred four crore and Ten lakh only) |
CARE BBB+ (Triple B Plus) (Credit Watch with Negative Implications) |
Revised from 'CARE A-; Negative' and placed on Credit Watch with Negative Implications |
| Perpetual Bonds (Basel II)@ |
82.00 (Rs. Eighty two crore only) |
CARE BBB+ (Triple B Plus) (Credit Watch with Negative Implications) |
Revised from 'CARE A-; Negative' and placed on Credit Watch with Negative Implications |
Details of instruments/facilities in Annexure-1
@: CARE has rated the aforesaid Upper Tier II Bonds and the Perpetual Bonds after taking into consideration their increased sensitivity to Yes Bank's Capital Adequacy Ratio (CAR), capital raising ability and profitability during the long tenure of the instruments. The rating factors in the additional risk arising due to the existence of the lock-in clause in hybrid instruments. Any delay in payment of interest/principal (as the case may be) following invocation of the lock-inclause, would constitute as an event of default as per CARE's definition of default and as such these instruments may exhibit a somewhat sharper migration of the rating compared with conventional subordinated debt instruments. #: CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds [Additional Tier I Bonds (Basel III)] after taking
into consideration its key features as mentioned below:
- The bank has full discretion at all times to cancel coupon payments.
- The coupon is to be paid out of current year profits. However, if the current year's profits are not sufficient, i.e., payment of such coupon is likely to result in losses during the current year, the balance of coupon payment may be made out of reserves representing appropriation of net profits, including statutory reserves and excluding share premium, revaluation reserve, foreign currency translation reserve, investment reserve and reserves created on amalgamation provided the bank meets the minimum regulatory requirements for Common Equity Tier I [CET I], Tier I and Total Capital Ratios and capital buffer frameworks as prescribed by the Reserve Bank of India [RBI].
- The instrument may be written-down upon CET I breaching the pre-specified trigger of 5.5% before March 31, 2020, and 6.125% on and after March 31, 2020, or written-off / converted into common equity shares on occurrence of the trigger event called point of non-viability (PONV). The PONV trigger shall be determined by RBI.
Any delay in payment of interest/principal (as the case may be) due to invocation of any of the features mentioned above would constitute as an event of default as per CARE's definition of default and as such these instruments may exhibit a some-what sharper migration of the rating compared with other subordinated debt instruments
1 Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications
Detailed rationale & key rating drivers
The revision of ratings assigned to the debt instruments of Yes Bank Limited (YBL) factors in continued delay in raising core equity capital. In absence of the equity capital raise, the bank's core capital buffers continue to be at low levels and provide lower cushion to absorb any losses on account of higher provisioning requirement due to weakening of asset quality.
The bank has been in the process of raising significant amount of equity capital and had received a binding offer from an investor of USD 1.2 billion (~Rs.8,400 crore), valid till November 30, 2019 which was further extended to December 31, 2019, subject to regulatory and other approvals. In November 2019, YBL had disclosed that it increased the quantum of proposed equity capital to around USD 2.0 billion (~Rs.14,000 crore). However, the bank has been unable to materialize any capital raise till date.
The ratings have been put on 'Credit Watch with Negative Implications' on account of continued uncertainty related to quantum and timeline of raising equity capital. CARE has noted that the bank has received non-binding expression of interest (EOI) from several investors including J. C. Flowers & Co. LLC, Tilden Park Capital Management LP, OHA (UK) LLP (part of Oak Hill Advisors) and Silver Point Capital and is working with its financial advisors to complete the capital raise. Further, the bank has delayed the publishing of the financial results for the quarter / nine months ended December 31, 2019 which is beyond the 45 day period from the end of the relevant quarter as stipulated under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as the bank's management is engaged in the capital raising and would publish the results on or before March 14, 2020.
CARE would resolve the credit watch once clarity emerges on the quantum and timeline capital raise vis-à-vis incremental provisioning requirement towards any deterioration in asset quality.
The bank reported Core Equity Tier I (CET I) ratio of 8.7% as on September 30, 2019 as compared to minimum regulatory requirement of 7.375% as on March 31, 2019 and 8.00% as on March 31, 2020.
Rating Sensitivities
Positive Factors
- Adequate amount of equity capital buffer over the minimum regulatory requirement to support business growth
- Consistent improvement in Net NPA to Tangible Net-worth below 30% along with reduction in slippages on a consistent basis
- Improvement in overall growth, profitability and retail mix of the Bank on a sustained basis
Negative Factors
- Failure to raise incremental capital in timely manner
- Deterioration in asset quality parameters with higher than expected increase in Gross NPA
- Deterioration in profitability parameters from current levels
- Deterioration in overall Deposit base and CASA + Retail Deposits from current levels
Detailed description of key rating drivers
Key Rating Strengths
Established franchise over the last decade
The bank has established its franchise over the last decade through a network of 1,120 branches and more than 1,450 ATM spread across 29 states and 7 Union Territories in India as on March 31, 2019. Over the years, the bank has seen an increase in its deposits to reach over Rs.2 lakh crore as on September 30, 2019 out of which Current Account was around Rs.24,900 crore and Savings Accounts were around Rs.39,600 crore. Over past couple of years, the bank has expanded its retail advances which constituted 19.80% of total advances as on September 30, 2019.
Key Rating Constraints
Deterioration in asset quality with significant exposure to BB and below rated entities and low quantum of recoveries from the stressed exposures
YBL has seen deterioration in asset quality over the last few quarters due to stress in some of its large corporate accounts, delayed resolution in existing NPAs as well as high amount of slippages. During Q2FY20, the bank saw slippages of Rs.5,950 crore resulting in Gross NPA ratio of 7.4% (March 31, 2019: 3.2%) and Net NPA ratio of 4.4% (March 31, 2019: 1.9%) as on September 30, 2019. Its Net NPA to Net worth ratio increased to 37.87%2 as on September 30, 2019 as compared to 28.11% as on June 30, 2019 (March 31, 2019: 18.07%). In addition, the bank has also seen significant rise in
2 Based on Tangible Net-worth as on September 30, 2019 as calculated by CARE
its 'BB and below rated' exposures which stood at Rs.31,400 crore as on September 30, 2019 constituting 10.1% of total exposure as compared to 9.4% as on June 30, 2019 and 7.1% as on March 31, 2019.
During Q4FY19 (refers to period from January 01 to March 31), the bank had made a contingency provision of Rs.2,100 crore for certain performing accounts which the bank envisaged stress. Out of which, the bank utilized Rs.1,399 crore during Q1FY20 and the remaining amount during Q2FY20. The bank has reported provision coverage ratio of 43.1% as on September 30, 2019 which is significantly lower than its private sector banks peers and YBL's historical averages. Going forward, slippages from the identified assets could continue to adversely impact the profitability of the bank and the bank's ability to timely recover from these accounts and limit the provisioning cost would be a key rating sensitivity.
Further, as per RBI's Risk Assessment Report for FY19, YBL reported divergence in Gross Non-performing assets to the tune of Rs.3,277 crore and the actual Gross NPA of the bank stood at Rs.11,160 crore as against Rs.7,883 crore reported by the bank. YBL has recognized Rs.1,259 crore as Gross NPA out of aforesaid divergence in H1FY20.
Further, in the recent quarters, the bank has seen no material recoveries from its stressed accounts which along with incremental slippages and reduction in the advances book may further deteriorate the asset quality parameters for the bank.
Moderation in capitalization levels
Historically, the bank has been maintaining strong capitalization levels and has demonstrated ability to raise capital which helped the bank to grow its advances portfolio until H1FY19. Post FY18, the bank's capital adequacy parameters (especially the core capitalization) have seen a declining trend. The capitalization levels have further been impacted by the sharp increase in credit costs during Q4FY19 and Q1FY20 resulting in decline in capital buffer to support credit growth and absorb future credit provisioning. The bank raised equity capital of Rs.1,930 crore during Q2FY20 which helped the capitalization of the bank to an extent apart from capital optimization measures taken by the bank.
The bank reported Capital Adequacy Ratio (CAR) of 16.3% (Tier I CAR: 11.5%) as on September 30, 2019 as compared to CAR of 16.5% (Tier I CAR: 11.3%) as on March 31, 2019. Although, the overall CAR remained higher than the minimum regulatory requirement of 10.875% (Tier I CAR: 8.875%) (Including CCB) as on March 31, 2019 and 11.50% (Tier I CAR: 9.50%) by March 31, 2020, the bank's core capitalization buffers have seen decline over the last few quarters. The bank reported CET I Ratio of 8.7% as on September 30, 2019 as compared to minimum regulatory requirement of 7.375% as on March 31, 2019 and 8.00% (including CCB) by March 31, 2020.
The bank had received binding offer of USD 1.2 billion (approximately Rs.8,400 crore) equity infusion in October 2019, subject to regulatory and other approvals. The said offer was valid till November 30, 2019 and further extended till December 31, 2019. Further in November 2019, the Bank has disclosed that it has received interest for USD 2 billion including the USD 1.2 billion offer from large Canadian investor. The bank's equity raising plan has been delayed from the timelines indicated to CARE. While the bank has received EOI from potential investors for equity raise, there is uncertainty related to the quantum, timeline and investors as well as receiving regulatory and other approvals within the timeline is critical for the bank.
While the bank continues to accrete capital by way of reducing its risk weighted assets to meet the minimum regulatory requirement, raising of equity capital in the near term continues to be critical for the bank from compliance as well growth point of view and remains a key rating sensitivity. Failure to raise the proposed equity capital within a reasonable time frame may resulting in invocation of loss absorption of hybrid instruments which may see sharper migration in the ratings of such instruments.
Moderation in profitability
YBL reported growth of 34% in total income during FY19 (refers to period from April 01 to March 31) supported by growth of 27% in net interest income (NII) on the back of 19% credit growth. The bank was able to maintain its net interest margin (NIM) at 2.8% for FY19 as compared to 2.9% for FY18 in view of increase in cost of borrowings. During FY19, the bank's non-interest income declined by 12% largely on account of moderation in growth in corporate advances as well as reversal of certain corporate fee income during Q4FY19. The bank's operating profit increased by 5% to Rs.8,135 crore during FY19 as compared to Rs.7,748 crore during FY18. The bank's cost to income for FY19 was at 43.50% (FY18: 40.22%) which remained better than peer banks. On account of higher credit provisioning in Q4FY19 (3.9% on annualized basis including contingency provisions), the bank reported net loss of Rs.1,507 crore in Q4FY19 resulting in decline in Profit After Tax (PAT) for FY19 to Rs.1,720 crore as compared to PAT of Rs.4,225 crore during FY18 showing a decline of 59%.
During H1FY20 (refers to period from April 01 to September 30), the bank reported decline in its NII on account of moderation in income, due to de-growth in advances and interest reversals on slippages, as well as growth in interest expenses. The non-interest income of the bank declined by 30% on account of decline in fee based income. Total income increased by 3% growth (y-o-y) during the period. As a result of moderation in total income, the operating profit of the bank declined by 29% (y-o-y) during the half year ended September 30, 2019. Incremental slippages led to rise in doubling
of the provisioning during H1FY20 resulting in the bank's Profit Before Tax (PBT) declining to Rs.297 crore as compared to Rs.3,256 crore during H1FY19. During Q2FY20, the bank had one time DTA impact of Rs.709 crore resulting in net loss of Rs.600 crore for the quarter (net loss of Rs.486 crore for H1FY20). Excluding the DTA effect, the bank would have reported approximately Rs.109 crore (Adj. Profit) of profit which is 89% decline y-o-y.
Further, increase in credit costs and limited growth due to capital constraint has been impacting the profitability of the bank. The bank has delayed the publishing of its financial results for quarter / nine months ended December 31, 2019 to on or before March 14, 2020. Any significant deterioration in profitability would be a key rating sensitivity for the bank.
Majority corporate exposures and concentration risk
Although, the bank has seen decline in proportion of corporate advances and going forward would focus more on retail, the share of corporate advances to total advances continued to remain high relative to peer banks. The proportion of corporate advances has seen decline to 61.9% as on September 30, 2019 from 65.6% as on March 31, 2019 and 67.9% as on March 31, 2018 while the proportion of retail has gone up to 19.8% as on September 30, 2019 from 16.7% as on March 31, 2019 and 12.2% as on March 31, 2018.
As on September 30, 2019, the top 10 individual exposures and top 10 group exposures stand at 12.4% and 24.1% of total assets (March 31, 2019: 11.8% and 24.7%). Any stress in these large accounts will have significant impact on bank's asset quality and profitability. Going forward, the bank's ability to improve the granularity of the loan book will be the key to decrease the concentration risk.
Analytical approach: Standalone
Liquidity Profile: Adequate
According to structural liquidity statement as on September 30, 2019, up to 1 year bucket, the bank has maximum negative cumulative mismatch of 7.9%. The deposit base of bank declined to Rs.2,09,497 crore as on September 30, 2019 (with around 30.8% of CASA deposits) from Rs.2,27,610 crore as on March 31, 2019 (with 33.1% of CASA deposits). The bank reported daily average Liquidity Coverage ratio for Q2FY20 at 113.83% as against minimum regulatory requirement of 100%. The bank has access to RBI's Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) which provide comfort. Continued stability of deposits along with maintenance of sufficient LCR above the regulatory requirements in the subsequent quarters shall be a key monitorable.
Applicable Criteria
Criteria on assigning outlook to Credit Ratings CARE Policy on Default Recognition CARE's Rating Methodology for Banks Financial ratios - Financial Sector
Background of Yes Bank Limited
Yes Bank Ltd. (YBL) is a new generation private sector bank incorporated in November 2003 by Mr. Rana Kapoor and late Mr. Ashok Kapur. Mr. Ranveet Gill was appointed as the MD & CEO of YBL with effect from March 01, 2019. The number of branches and ATM (including Bunch Note Acceptors) stood at 1,120 (FY18: 1,100) and 1,456 (FY18: 1,724) respectively as on March 31, 2019. The Deposits and Advances of the banks have grown by 13.4% and 18.7% during FY19.
Brief Financials
| (Rs. crore) | |||
|---|---|---|---|
| Particulars | FY17 (A) | FY18 (A) | FY19 (A) |
| Total income | 20,581 | 25,491 | 34,215 |
| PAT | 3,330 | 4,225 | 1,720 |
| Total Assets* | 2,14,457 | 3,11,574 | 3,78,293 |
| Gross NPA (%) | 1.52 | 1.28 | 3.22 |
| ROTA (%) | 1.76 | 1.61 | 0.50 |
A: Audited *Adjusted for Deferred Tax Assets and Intangible Assets
Status of non-cooperation with previous CRA: Not Applicable Any other information: Not Applicable Rating History for last three years: Please refer Annexure-2
Annexure I- Instrument Details
| Name of the Instrument |
ISIN | Date of Issuance |
Coupon Rate |
Maturity Date |
Size of the Issue (Rs. crore) |
Rating assigned along with Rating Outlook |
|---|---|---|---|---|---|---|
| Infrastructure Bonds | INE528G08279 | 24-Feb-15 | 8.85% | 24-Feb-25 | 1,000 | CARE A-* |
| Infrastructure Bonds | INE528G08295 | 05-Aug-15 | 8.95% | 05-Aug-25 | 315 | CARE A-* |
| Infrastructure Bonds | INE528G08345 | 30-Sep-16 | 8.00% | 30-Sep-26 | 2,135 | CARE A-* |
| Infrastructure Bonds | INE528G08360 | 29-Dec-16 | 7.62% | 29-Dec-23 | 330 | CARE A-* |
| Infrastructure Bonds (Proposed) |
- | - | - | - | 1,220 | CARE A-* |
| Lower Tier II Bonds | INE528G08147# | 22-Jan-10 | 9.65% | 22-Jan-20 | 300 | CARE A-* |
| Lower Tier II Bonds | INE528G08170 | 30-Sep-10 | 9.30% | 30-Apr-20 | 306.4 | CARE A-* |
| Lower Tier II Bonds | INE528G08196 | 25-Jul-11 | 10.30% | 25-Jul-21 | 321.5 | CARE A-* |
| Lower Tier II Bonds | INE528G08204 | 28-Oct-11 | 10.20% | 28-Oct-21 | 243 | CARE A-* |
| Lower Tier II Bonds | INE528G08212 | 28-Mar-12 | 9.90% | 28-Mar-22 | 300 | CARE A-* |
| Lower Tier II Bonds | INE528G08220 | 23-Aug-12 | 10.00% | 23-Aug-22 | 300 | CARE A-* |
| Lower Tier II Bonds | INE528G08238 | 10-Sep-12 | 10.00% | 10-Sep-22 | 300 | CARE A-* |
| Lower Tier II Bonds | INE528G09129 | 16-Oct-12 | 10.00% | 16-Oct-22 | 200 | CARE A-* |
| Lower Tier II Bonds | INE528G08246 | 31-Oct-12 | 9.90% | 31-Oct-22 | 259.7 | CARE A-* |
| Tier II Bonds | INE528G08287 | 29-Jun-15 | 9.15% | 30-Jun-25 | 554.2 | CARE A-* |
| Tier II Bonds | INE528G08303 | 31-Dec-15 | 8.90% | 31-Dec-25 | 1500 | CARE A-* |
| Tier II Bonds | INE528G08311 | 15-Jan-16 | 9.00% | 15-Jan-26 | 800 | CARE A-* |
| Tier II Bonds | INE528G08329 | 20-Jan-16 | 9.05% | 20-Jan-26 | 500 | CARE A-* |
| Tier II Bonds | INE528G08337 | 31-Mar-16 | 9.00% | 31-Mar-26 | 545 | CARE A-* |
| Tier II Bonds | INE528G08410 | 14-Sep-18 | 9.12% | 15-Sep-28 | 3042 | CARE A-* |
| Tier II Bonds (Proposed) | - | - | - | - | 1,958.8 | CARE A-* |
| Additional Tier I Bonds | INE528G08352 | 23-Dec-16 | 9.50% | NA | 3,000 | CARE BBB-* |
| Additional Tier I Bonds (Proposed) |
- | - | - | - | 600 | CARE BBB-* |
| Upper Tier II Bonds | INE528G08162 | 08-Sep-10 | 9.50% | 08-Sep-25 | 200 | CARE BBB+* |
| Upper Tier II Bonds | INE528G09103 | 29-Jun-12 | 10.25% | 29-Jun-27 | 60 | CARE BBB+* |
| Upper Tier II Bonds | INE528G09111 | 28-Sep-12 | 10.15% | 28-Sep-27 | 200 | CARE BBB+* |
| Upper Tier II Bonds | INE528G08253 | 10-Nov-12 | 10.25% | 10-Nov-27 | 275 | CARE BBB+* |
| Upper Tier II Bonds | INE528G09137 | 27-Dec-12 | 10.05% | 27-Dec-27 | 169.1 | CARE BBB+* |
| Perpetual Bonds (Basel II) |
INE528G09061 | 05-Mar-10 | 10.25% | NA | 82 | CARE BBB+* |
*(Credit Watch with Negative Implications)
Outstanding amount as on date is NIL
Annexure-2: Rating History of last three years
| Current Ratings | Rating history | |||||||
|---|---|---|---|---|---|---|---|---|
| Sr. No. |
Name of the Instrument/Bank Facilities |
Type | Amount Outstanding (Rs. crore) |
Rating | Date(s) & Rating(s) assigned in 2019-2020 |
Date(s) & Rating(s) assigned in 2018-2019 |
Date(s) & Rating(s) assigned in 2017-2018 |
Date(s) & Rating(s) assigned in 2016-2017 |
| 1. | Bonds-Lower Tier II (Redeemed) |
LT | - | - | - | - | 1) CARE AA+; Stable (28-Sep-17) 2)CARE AA+; Stable (11-Jul-17) |
1)CARE AA+; Stable (19-Dec-16) 2)CARE AA+ (21-Oct-16) |
| 2. | Bonds-Upper Tier II (Redeemed) |
LT | - | - | - | - | 1) CARE AA+; Stable (28-Sep-17) 2)CARE AA+; Stable (11-Jul-17) |
1)CARE AA; Stable (19-Dec-16) 2)CARE AA (21-Oct-16) |
| 3. | Bonds-Lower Tier II (Redeemed) |
LT | - | - | - | - | 1)CARE AA+; Stable (11-Jul-17) |
1)CARE AA+; Stable (19-Dec-16) 2)CARE AA+ (21-Oct-16) |
| 4. | Bonds-Lower Tier II | LT | 300.00 | CARE A- (Credit Watch with Negative Implications) |
1)CARE A; Negative (30-Dec-19) 2)CARE A+ (Credit Watch with developing Implications) (30-Nov-19) 3) CARE AA-; Negative (27-Jul-19) 4) CARE AA-; Negative (09-May-19) |
1)CARE AA+; Under credit watch with developing implications (28-Nov-19) 2)CARE AAA; (Under Credit Watch with developing implications) (28-Sep-18) 3)CARE AAA; Stable (05-Jul-18) |
1)CARE AA+; Stable (11-Jul-17) |
1)CARE AA+; Stable (19-Dec-16) 2)CARE AA+ (21-Oct-16) |
| 5. | Bonds-Perpetual Bonds | LT | 82.00 | CARE BBB+ (Credit Watch with Negative Implications) |
1) CARE A-; Negative (30-Dec-19) 2) CARE A (Credit Watch with developing Implications) (13-Nov-19) 3) CARE A+; Negative (27-Jul-19) 4) CARE A+; Negative (09-May-19) |
1)CARE AA; credit watch with developing implications (28-Nov-19) CARE AA+; (Credit Watch with developing implications) (28-Sep-18) 3)CARE AA+; Stable (05-Jul-18) |
1)CARE AA; Stable (11-Jul-17) |
1)CARE AA; Stable (19-Dec-16) 2)CARE AA (21-Oct-16) |
| 6. | Bonds-Perpetual Bonds | LT | - | - | 1)Withdrawn (09-May-19) |
1)CARE AA; credit watch |
1)CARE AA; Stable |
1)CARE AA; Stable |
| with developing implications (28-Nov-19) CARE AA+; (Credit Watch with developing implications) (28-Sep-18) 3)CARE AA+; Stable (05-Jul-18) |
(11-Jul-17) | (19-Dec-16) 2)CARE AA (21-Oct-16) |
||||||
|---|---|---|---|---|---|---|---|---|
| 7. | Bonds-Upper Tier II | LT | 200.00 | CARE BBB+ (Credit Watch with Negative Implications) |
1) CARE A-; Negative (30-Dec-19) 2) CARE A (Credit Watch with developing Implications) (13-Nov-19) 3) CARE A+; Negative (27-Jul-19) 4) CARE A+; Negative (09-May-19) |
1) CARE AA; credit watch with developing implications (28-Nov-19) CARE AA+; (Credit Watch with developing implications) (28-Sep-18) 3)CARE AA+; Stable (05-Jul-18) |
1)CARE AA; Stable (11-Jul-17)) |
1)CARE AA; Stable (19-Dec-16) 2)CARE AA (21-Oct-16) |
| 8. | Bonds-Upper Tier II | LT | - | - | - | 1) Withdrawn CARE AA+; (Credit Watch with developing implications) (28-Sep-18) 2)CARE AA+; Stable (05-Jul-18) |
1)CARE AA; Stable (11-Jul-17) |
1)CARE AA; Stable (19-Dec-16) 2)CARE AA (21-Oct-16) |
| 9. | Bonds-Lower Tier II | LT | 306.40 | CARE A-; (Credit Watch with Negative Implications) |
1)CARE A; Negative (30-Dec-19) 2)CARE A+ (Credit Watch with developing Implications) (30-Nov-19) 3) CARE AA-; Negative (27-Jul-19) 4) CARE AA-; Negative (09-May-19) |
1)CARE AA+; Under credit watch with developing implications (28-Nov-19) 2)CARE AAA; (Under Credit Watch with developing implications) (28-Sep-18) 3)CARE AAA; Stable (05-Jul-18) |
1)CARE AA+; Stable (11-Jul-17) |
1)CARE AA+; Stable (19-Dec-16) 2)CARE AA+ (21-Oct-16) |
| 10. | Bonds-Upper Tier II (Redeemed) |
LT | - | - | - | - | 1)CARE AA; Stable (11-Jul-17) |
1)CARE AA; Stable (19-Dec-16) |
| 2)CARE AA (21-Oct-16) |
||||||||
|---|---|---|---|---|---|---|---|---|
| 11. | Bonds-Lower Tier II | LT | 564.50 | CARE A- (Credit Watch with Negative Implications) |
1)CARE A; Negative (30-Dec-19) 2)CARE A+ (Credit Watch with developing Implications) (30-Nov-19) 3) CARE AA-; Negative (27-Jul-19) 4) CARE AA-; Negative (09-May-19) |
1)CARE AA+; Under credit watch with developing implications (28-Nov-19) 2)CARE AAA; (Under Credit Watch with developing implications) (28-Sep-18) 3)CARE AAA; Stable (05-Jul-18) |
1)CARE AA+; Stable (11-Jul-17) |
1)CARE AA+; Stable (19-Dec-16) 2)CARE AA+ (21-Oct-16) |
| 12. | Bonds-Lower Tier II | LT | 300.00 | CARE A- (Credit Watch with Negative Implications) |
1)CARE A; Negative (30-Dec-19) 2)CARE A+ (Credit Watch with developing Implications) (30-Nov-19) 3) CARE AA-; Negative (27-Jul-19) 4) CARE AA-; Negative (09-May-19) |
1)CARE AA+; Under credit watch with developing implications (28-Nov-19) 2)CARE AAA; (Under Credit Watch with developing implications) (28-Sep-18) 3)CARE AAA; Stable (05-Jul-18) |
1)CARE AA+; Stable (11-Jul-17) |
1)CARE AA+; Stable (19-Dec-16) 2)CARE AA+ (21-Oct-16) |
| 13. | Bonds-Perpetual Bonds (Redeemed) |
LT | - | - | - | - | 1)CARE AA; Stable (11-Jul-17) |
1)CARE AA; Stable (19-Dec-16) 2)CARE AA (21-Oct-16) |
| 14. | Debt-Perpetual Debt (Redeemed) |
LT | - | - | - | - | 1)CARE AA; Stable (11-Jul-17) |
1)CARE AA; Stable (19-Dec-16) 2)CARE AA (21-Oct-16) |
| 15. | Bonds-Upper Tier II | LT | 60.00 | CARE BBB+ (Credit Watch with Negative Implications) |
1) CARE A-; Negative (30-Dec-19) 2) CARE A (Credit Watch with developing Implications) (13-Nov-19) 3) CARE A+; Negative (27-Jul-19) 4) CARE A+; Negative (09-May-19) |
1) CARE AA; credit watch with developing implications (28-Nov-19) CARE AA+; (Credit Watch with developing implications) (28-Sep-18) 3)CARE AA+; Stable |
1)CARE AA; Stable (11-Jul-17) |
1)CARE AA; Stable (19-Dec-16) 2)CARE AA (21-Oct-16) |
| (05-Jul-18) | ||||||||
|---|---|---|---|---|---|---|---|---|
| CARE A- (Credit | 1)CARE A; | 1)CARE AA+; | 1)CARE AA+; | 1)CARE AA+; | ||||
| Watch with | Negative | Under credit | Stable | Stable | ||||
| Negative | (30-Dec-19) | watch with | (11-Jul-17) | (19-Dec-16) | ||||
| Implications) | 2)CARE A+ | developing | 2)CARE AA+ | |||||
| (Credit Watch | implications | (21-Oct-16) | ||||||
| with developing | (28-Nov-19) | |||||||
| 16. | Bonds-Lower Tier II | LT | 300.00 | Implications) | 2)CARE AAA; | |||
| (30-Nov-19) | (Under Credit | |||||||
| 3) CARE AA-; | Watch with | |||||||
| Negative | developing | |||||||
| (27-Jul-19) | implications) | |||||||
| 4) CARE AA-; | (28-Sep-18) | |||||||
| Negative | 3)CARE AAA; | |||||||
| (09-May-19) | ||||||||
| CARE A-(Credit | 1)CARE A; | 1)CARE AA+; | 1)CARE AA+; | 1)CARE AA+; | ||||
| Watch with | Negative | Under credit | Stable | Stable | ||||
| Negative | (30-Dec-19) | watch with | (11-Jul-17)) | (19-Dec-16) | ||||
| Implications) | 2)CARE A+ | developing | 2)CARE AA+ | |||||
| (Credit Watch | implications | (21-Oct-16) | ||||||
| with developing | (28-Nov-19) | |||||||
| 17. | Bonds-Lower Tier II | LT | 300.00 | Implications) | 2)CARE AAA; | |||
| (30-Nov-19) | (Under Credit | |||||||
| 3) CARE AA-; | Watch with | |||||||
| Negative | developing | |||||||
| (27-Jul-19) | implications) | |||||||
| 4) CARE AA-; | (28-Sep-18) | |||||||
| Negative | 3)CARE AAA; | |||||||
| (09-May-19) | ||||||||
| CARE BBB+ | 1) CARE A-; | 1) CARE AA; | 1)CARE AA; | 1)CARE AA; | ||||
| (Credit Watch | Negative | credit watch | Stable | Stable | ||||
| with Negative | (30-Dec-19) | with | (11-Jul-17) | (19-Dec-16) | ||||
| Implications) | 2) CARE A | developing | 2)CARE AA | |||||
| (Credit Watch | implications | (21-Oct-16) | ||||||
| with developing | (28-Nov-19) | |||||||
| Implications) | CARE AA+; | |||||||
| 18. | Bonds-Upper Tier II | LT | 150.00 | (13-Nov-19) | (Credit Watch | |||
| 3) CARE A+; | with | |||||||
| Negative (27-Jul-19) |
developing implications) |
|||||||
| 4) CARE A+; | (28-Sep-18) | |||||||
| Negative | 3)CARE AA+; | |||||||
| (09-May-19) | Stable | |||||||
| (05-Jul-18) | ||||||||
| CARE A- (Credit | 1)CARE A; | 1)CARE AA+; | 1)CARE AA+; | 1)CARE AA+; | ||||
| Watch with | Negative | Under credit | Stable | Stable | ||||
| Negative | (30-Dec-19) | watch with | (11-Jul-17) | (19-Dec-16) | ||||
| Implications) | 2)CARE A+ | developing | 2)CARE AA+ | |||||
| (Credit Watch | implications | (21-Oct-16) | ||||||
| with developing | (28-Nov-19) | |||||||
| 19. | Bonds-Lower Tier II | LT | 9.70 | Implications) | 2)CARE AAA; | |||
| (30-Nov-19) | (Under Credit | |||||||
| 3) CARE AA-; | Watch with | |||||||
| Negative | developing | |||||||
| (27-Jul-19) | implications) | |||||||
| 4) CARE AA-; | (28-Sep-18) |
| Negative (09-May-19) |
3)CARE AAA; Stable (05-Jul-18) |
|||||||
|---|---|---|---|---|---|---|---|---|
| 20. | Bonds-Upper Tier II | LT | 50.00 | CARE BBB+ (Credit Watch with Negative Implications) |
1) CARE A-; Negative (30-Dec-19) 2) CARE A (Credit Watch with developing Implications) (13-Nov-19) 3) CARE A+; Negative (27-Jul-19) 4) CARE A+; Negative (09-May-19) |
1) CARE AA; credit watch with developing implications (28-Nov-19) CARE AA+; (Credit Watch with developing implications) (28-Sep-18) 3)CARE AA+; Stable (05-Jul-18) |
1)CARE AA; Stable (11-Jul-17) |
1)CARE AA; Stable (19-Dec-16) 2)CARE AA (21-Oct-16) |
| 21. | Bonds-Lower Tier II | LT | 450.00 | CARE A- (Credit Watch with Negative Implications) |
1)CARE A; Negative (30-Dec-19) 2)CARE A+ (Credit Watch with developing Implications) (30-Nov-19) 3) CARE AA-; Negative (27-Jul-19) 4) CARE AA-; Negative (09-May-19) |
1)CARE AA+; Under credit watch with developing implications (28-Nov-19) 2)CARE AAA; (Under Credit Watch with developing implications) (28-Sep-18) 3)CARE AAA; Stable (05-Jul-18) |
1)CARE AA+; Stable (11-Jul-17) |
1)CARE AA+; Stable (19-Dec-16) 2)CARE AA+ (21-Oct-16) |
| 22. | Bonds-Upper Tier II | LT | 444.10 | CARE BBB+ (Credit Watch with Negative Implications) |
1) CARE A-; Negative (30-Dec-19) 2) CARE A (Credit Watch with developing Implications) (13-Nov-19) 3) CARE A+; Negative (27-Jul-19) 4) CARE A+; Negative (09-May-19) |
1) CARE AA; credit watch with developing implications (28-Nov-19) CARE AA+; (Credit Watch with developing implications) (28-Sep-18) 3)CARE AA+; Stable (05-Jul-18) |
1)CARE AA; Stable (11-Jul-17) |
1)CARE AA; Stable (19-Dec-16) 2)CARE AA (21-Oct-16) |
| 23. | Bonds-Infrastructure Bonds |
LT | 1000.00 | CARE A- (Credit Watch with Negative Implications) |
1)CARE A; Negative (30-Dec-19) 2)CARE A+ (Credit Watch with developing Implications) (30-Nov-19) |
1)CARE AA+; Under credit watch with developing implications (28-Nov-19) 2)CARE AAA; (Under Credit |
1)CARE AA+; Stable (11-Jul-17) |
1)CARE AA+; Stable (19-Dec-16) 2)CARE AA+ (21-Oct-16) |
| 3) CARE AA-; | Watch with | |||||||
|---|---|---|---|---|---|---|---|---|
| Negative | developing | |||||||
| (27-Jul-19) | implications) | |||||||
| 4) CARE AA-; | (28-Sep-18) | |||||||
| Negative | 3)CARE AAA; | |||||||
| (09-May-19) | Stable | |||||||
| (05-Jul-18) | ||||||||
| CARE A- (Credit | 1)CARE A; | 1)CARE AA+; | 1)CARE AA+; | 1)CARE AA+; | ||||
| Watch with | Negative | Under credit | Stable | Stable | ||||
| Negative | (30-Dec-19) | watch with | (11-Jul-17) | (19-Dec-16) | ||||
| Implications) | 2)CARE A+ | developing | 2)CARE AA+ | |||||
| (Credit Watch | implications | (21-Oct-16) | ||||||
| with developing | (28-Nov-19) | |||||||
| Implications) | 2)CARE AAA; | |||||||
| 24. | Bonds-Infrastructure | LT | 1000.00 | (30-Nov-19) | (Under Credit | |||
| Bonds | 3) CARE AA-; | Watch with | ||||||
| Negative | developing | |||||||
| (27-Jul-19) | implications) | |||||||
| 4) CARE AA-; | (28-Sep-18) | |||||||
| Negative | 3)CARE AAA; | |||||||
| (09-May-19) | Stable | |||||||
| (05-Jul-18) | ||||||||
| CARE A- (Credit | 1)CARE A; | 1)CARE AA+; | 1)CARE AA+; | 1)CARE AA+; | ||||
| Watch with | Negative | Under credit | Stable | Stable | ||||
| Negative | (30-Dec-19) | watch with | (11-Jul-17) | (19-Dec-16) | ||||
| Implications) | 2)CARE A+ | developing | 2)CARE AA+ | |||||
| (Credit Watch | implications | (21-Oct-16) | ||||||
| with developing | (28-Nov-19) | |||||||
| Implications) | 2)CARE AAA; | |||||||
| 25. | Bonds-Tier II Bonds | LT | 1200.00 | (30-Nov-19) | (Under Credit | |||
| 3) CARE AA-; | Watch with | |||||||
| Negative | developing | |||||||
| (27-Jul-19) | implications) | |||||||
| 4) CARE AA-; | (28-Sep-18) | |||||||
| Negative | 3)CARE AAA; | |||||||
| (09-May-19) | Stable | |||||||
| (05-Jul-18) | ||||||||
| CARE A- (Credit | 1)CARE A; | 1)CARE AA+; | 1)CARE AA+; | 1)CARE AA+; | ||||
| Watch with | Negative | Under credit | Stable | Stable | ||||
| Negative | (30-Dec-19) | watch with | (11-Jul-17) | (19-Dec-16) | ||||
| Implications) | 2)CARE A+ | developing | 2)CARE AA+ | |||||
| (Credit Watch | implications | (21-Oct-16) | ||||||
| with developing Implications) |
(28-Nov-19) 2)CARE AAA; |
|||||||
| 26. | Bonds-Infrastructure | LT | 500.00 | (30-Nov-19) | (Under Credit | |||
| Bonds | 3) CARE AA-; | Watch with | ||||||
| Negative | developing | |||||||
| (27-Jul-19) | implications) | |||||||
| 4) CARE AA-; | (28-Sep-18) | |||||||
| Negative | 3)CARE AAA; | |||||||
| (09-May-19) | Stable | |||||||
| (05-Jul-18) | ||||||||
| CARE A- (Credit | 1)CARE A; | 1)CARE AA+; | 1)CARE AA+; | 1)CARE AA+; | ||||
| Watch with | Negative | Under credit | Stable | Stable | ||||
| 27. | Bonds-Tier II Bonds | LT | 500.00 | Negative | (30-Dec-19) | watch with | (11-Jul-17) | (19-Dec-16) |
| Implications) | 2)CARE A+ | developing | 2)CARE AA+ | |||||
| 11 | CARE Ratings Limited |
| (Credit Watch with developing Implications) (30-Nov-19) 3) CARE AA-; Negative (27-Jul-19) 4) CARE AA-; Negative (09-May-19) |
implications (28-Nov-19) 2)CARE AAA; (Under Credit Watch with developing implications) (28-Sep-18) 3)CARE AAA; Stable (05-Jul-18) |
(21-Oct-16) | ||||||
|---|---|---|---|---|---|---|---|---|
| 28. | Bonds-Tier II Bonds | LT | 500.00 | CARE A-; (Credit Watch with Negative Implications) |
1)CARE A; Negative (30-Dec-19) 2)CARE A+ (Credit Watch with developing Implications) (30-Nov-19) 3) CARE AA-; Negative (27-Jul-19) 4) CARE AA-; Negative (09-May-19) |
1)CARE AA+; Under credit watch with developing implications (28-Nov-19) 2)CARE AAA; (Under Credit Watch with developing implications) (28-Sep-18) 3)CARE AAA; Stable (05-Jul-18) |
1)CARE AA+; Stable (11-Jul-17) |
1)CARE AA+; Stable (19-Dec-16) 2)CARE AA+ (21-Oct-16) |
| 29. | Bonds-Tier II Bonds | LT | 600.00 | CARE A- (Credit Watch with Negative Implications) |
1)CARE A; Negative (30-Dec-19) 2)CARE A+ (Credit Watch with developing Implications) (30-Nov-19) 3) CARE AA-; Negative (27-Jul-19) 4) CARE AA-; Negative (09-May-19) |
1)CARE AA+; Under credit watch with developing implications (28-Nov-19) 2)CARE AAA; (Under Credit Watch with developing implications) (28-Sep-18) 3)CARE AAA; Stable (05-Jul-18) |
1)CARE AA+; Stable (11-Jul-17) |
1)CARE AA+; Stable (19-Dec-16) 2)CARE AA+ (21-Oct-16) |
| 30. | Bonds-Tier II Bonds | LT | 100.00 | CARE A- (Credit Watch with Negative Implications) |
1)CARE A; Negative (30-Dec-19) 2)CARE A+ (Credit Watch with developing Implications) (30-Nov-19) 3) CARE AA-; Negative (27-Jul-19) 4) CARE AA-; Negative (09-May-19)) |
1)CARE AA+; Under credit watch with developing implications (28-Nov-19) 2)CARE AAA; (Under Credit Watch with developing implications) (28-Sep-18) 3)CARE AAA; Stable (05-Jul-18) |
1)CARE AA+; Stable (11-Jul-17) |
1)CARE AA+; Stable (19-Dec-16) 2)CARE AA+ (21-Oct-16) |
| 31. | Bonds-Tier II Bonds | LT | 1000.00 | CARE A- (Credit Watch with Negative Implications) |
1)CARE A; Negative (30-Dec-19) 2)CARE A+ (Credit Watch with developing Implications) (30-Nov-19) 3) CARE AA-; Negative (27-Jul-19) 4) CARE AA-; Negative (09-May-19) |
1)CARE AA+; Under credit watch with developing implications (28-Nov-19) 2)CARE AAA; (Under Credit Watch with developing implications) (28-Sep-18) 3)CARE AAA; Stable (05-Jul-18) |
1)CARE AA+; Stable (11-Jul-17) |
1)CARE AA+; Stable (19-Dec-16) 2)CARE AA+ (21-Oct-16) |
|---|---|---|---|---|---|---|---|---|
| 32. | Bonds-Tier II Bonds | LT | 1000.00 | CARE A- (Credit Watch with Negative Implications) |
1)CARE A; Negative (30-Dec-19) 2)CARE A+ (Credit Watch with developing Implications) (30-Nov-19) 3) CARE AA-; Negative (27-Jul-19) 4) CARE AA-; Negative (09-May-19) |
1)CARE AA+; Under credit watch with developing implications (28-Nov-19) 2)CARE AAA; (Under Credit Watch with developing implications) (28-Sep-18) 3)CARE AAA; Stable (05-Jul-18) |
1)CARE AA+; Stable (11-Jul-17) |
1)CARE AA+; Stable (19-Dec-16) 2)CARE AA+ (21-Oct-16) 3)CARE AA+ (12-Apr-16) |
| 33. | Bonds-Infrastructure Bonds |
LT | 2500.00 | CARE A- (Credit Watch with Negative Implications) |
1)CARE A; Negative (30-Dec-19) 2)CARE A+ (Credit Watch with developing Implications) (30-Nov-19) 3) CARE AA-; Negative (27-Jul-19) 4) CARE AA-; Negative (09-May-19) |
1)CARE AA+; Under credit watch with developing implications (28-Nov-19) 2)CARE AAA; (Under Credit Watch with developing implications) (28-Sep-18) 3)CARE AAA; Stable (05-Jul-18) |
1)CARE AA+; Stable (11-Jul-17) |
1)CARE AA+; Stable (19-Dec-16) 2)CARE AA+ (21-Oct-16) |
| 34. | Bonds-Tier I Bonds | LT | 500.00 | CARE BBB- (Credit Watch with Negative Implications) |
1) CARE BBB+ (Credit Watch with developing Implications) (13-Nov-19) 2) CARE A-; Negative (Jul-27-19) 3) CARE A; Negative (09-May-19) |
1) CARE AA; credit watch with developing implications (28-Nov-18) 2)CARE AA+; (Credit Watch with developing implications) |
1)CARE AA; Stable (11-Jul-17) |
1)CARE AA; Stable (19-Dec-16) |
| (28-Sep-18) | ||||||||
|---|---|---|---|---|---|---|---|---|
| 3)CARE AA+; | ||||||||
| Stable | ||||||||
| (05-Jul-18) | ||||||||
| CARE BBB- | 1) CARE BBB; | 1) CARE AA; | 1)CARE AA; | 1)CARE AA; | ||||
| (Credit Watch | Negative | credit watch | Stable | Stable | ||||
| with Negative | (30-Dec-19) | with | (11-Jul-17) | (19-Dec-16) | ||||
| Implications) | 2) CARE BBB+ | developing | ||||||
| (Credit Watch | implications | |||||||
| with developing Implications) |
(28-Nov-18) 2)CARE AA+; |
|||||||
| 35. | Bonds-Tier I Bonds | LT | 1600.00 | (13-Nov-19) | (Credit Watch | |||
| 3) CARE A-; | with | |||||||
| Negative | developing | |||||||
| (27-Jul-19) | implications) | |||||||
| 4) CARE A; | (28-Sep-18) | |||||||
| Negative | 3)CARE AA+; | |||||||
| (09-May-19) | Stable | |||||||
| (05-Jul-18) | ||||||||
| CARE BBB- | 1) CARE BBB; | 1) CARE AA; | 1)CARE AA; | 1)CARE AA; | ||||
| (Credit Watch | Negative | credit watch | Stable | Stable | ||||
| with Negative | (30-Dec-19) | with | (11-Jul-17) | (22-Dec-16) | ||||
| Implications) | 2) CARE BBB+ | developing | ||||||
| (Credit Watch | implications | |||||||
| with developing | (28-Nov-18) | |||||||
| Implications) | 2)CARE AA+; | |||||||
| 36. | Bonds-Tier I Bonds | LT | 1500.00 | (13-Nov-19) | (Credit Watch | |||
| 3) CARE A-; | with | |||||||
| Negative | developing | |||||||
| (27-Jul-19) | implications) | |||||||
| 4) CARE A; | (28-Sep-18) | |||||||
| Negative (09-May-19) |
3)CARE AA+; Stable |
|||||||
| (05-Jul-18) | ||||||||
| CARE A- (Credit | 1)CARE A; | 1)CARE AA+; | - | - | ||||
| Watch with | Negative | Under credit | ||||||
| Negative | (30-Dec-19) | watch with | ||||||
| Implications) | 2)CARE A+ | developing | ||||||
| (Credit Watch | implications | |||||||
| with developing | (28-Nov-19) | |||||||
| Implications) | 2)CARE AAA; | |||||||
| 37. | Bonds-Tier II Bonds | LT | 4000.00 | (30-Nov-19) | (Under Credit | |||
| 3) CARE AA-; | Watch with | |||||||
| Negative | developing | |||||||
| (27-Jul-19) | implications) | |||||||
| 4) CARE AA-; | (28-Sep-18) | |||||||
| Negative | 3)CARE AAA; | |||||||
| (09-May-19) | Stable | |||||||
| (05-Jul-18) |
Note on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity. This classification is available at www.careratings.com. Investors/market intermediaries/regulators or others are welcome to write to [email protected] for any clarifications.
Contact us
Media Contact Mradul Mishra Contact no. – +91-22-6837 4424 Email ID – [email protected]
Analyst Contact 1
Group Head Name - Mr. Aditya Acharekar Group Head Contact no.- 022-6754 3528 Group Head Email ID- [email protected]
Analyst Contact 2
Mr. Sanjay Kumar Agarwal Contact no. : (022) 6754 3500 / 582 Email ID- [email protected]
Business Development Contact
Name: : Ankur Sachdeva Contact no. : 91 98196 98985 Email ID : [email protected]
About CARE Ratings:
CARE Ratings commenced operations in April 1993 and over two decades, it has established itself as one of the leading credit rating agencies in India. CARE is registered with the Securities and Exchange Board of India (SEBI) and also recognized as an External Credit Assessment Institution (ECAI) by the Reserve Bank of India (RBI). CARE Ratings is proud of its rightful place in the Indian capital market built around investor confidence. CARE Ratings provides the entire spectrum of credit rating that helps the corporates to raise capital for their various requirements and assists the investors to form an informed investment decision based on the credit risk and their own risk-return expectations. Our rating and grading service offerings leverage our domain and analytical expertise backed by the methodologies congruent with the international best practices.
Disclaimer
CARE's ratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. CARE has based its ratings/outlooks on information obtained from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments. CARE or its subsidiaries/associates may also have other commercial transactions with the entity. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE is, inter-alia, based on the capital deployed by the partners/proprietor and the financial strength of the firm at present. The rating/outlook may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors. CARE is not responsible for any errors and states that it has no financial liability whatsoever to the users of CARE's rating.
Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades.
**For detailed Rationale Report and subscription information, please contact us at www.careratings.com