By Bijoy Thomas

India Ratings and Research (Ind-Ra) has affirmed National Highways Authority of India’s (NHAI) Long-Term Issuer Rating at ‘IND AAA’. The Outlook is Stable. The instrument-wise rating actions are given below:


Instrument Type

Date of Issuance

Coupon Rate (%)

Maturity Date

Size of Issue (billion)

Rating/Outlook

Rating Action

FY22 borrowing programme

(including 54EC bonds for FY22)*

-

-

-

INR650

IND AAA/Stable

Assigned

FY21 borrowing programme

(including 54EC bonds for FY21)*

-

-

-

INR650

IND AAA/Stable

Affirmed

FY20 borrowing programme

(including 54EC bonds for FY20)*

-

-

-

INR749.87

(reduced from INR750)

IND AAA/Stable

Affirmed

FY19 borrowing programme

(including 54EC bonds for FY19)*

-

-

-

INR612.16

IND AAA/Stable

Affirmed

FY18 borrowing programme

(including 54EC bonds for FY18)*

-

-

-

INR455.14(reduced from INR505.32)

IND AAA/Stable

Affirmed

FY17 borrowing programme*

-

-

-

INR275.45

IND AAA/Stable

Affirmed

Tax-free bonds

(FY12 and FY16)*

-

-

-

INR290

IND AAA/Stable

Affirmed

* Details in annexure

KEY RATING DRIVERS

Public Policy Institution:  Given NHAI is a premier nodal agency responsible for the development of national highways in India, it is strategically important to the government of India (GoI). NHAI’s fundamental purpose is to improve the national road transit infrastructure, better serve the national economy and improve the country’s standard of living. Its mandate highlights the GoI’s priority on economic development, while retaining an underlying social welfare function. Its tax exemption status and privilege to raise funds through Section 54EC capital gains bonds and tax-free bonds reiterate its importance to the GoI.

 

Robust Sovereign Control: The ratings factor in NHAI’s significant financial, operational and managerial linkages with the GoI, as well as its statutory status. Strong federal control, by way of continuous support from the GoI in the form of capital grants, the allocation of cess funds and additional budgetary support, anchor the ratings. 

 

The ratings draw comfort from National Highways Authority of India Act, 1988, which states i) the GoI will provide capital to NHAI for the discharge of its functions as may be required ii) NHAI can borrow money from any sources as it may deem fit and iii) the GoI has the power to supersede NHAI in case of default in complying with its functions. 

 

Moreover, substantial budgetary allocation (including internal and extra-budgetary resources support) of INR1,223.5 billion for NHAI in FY22 (budget estimates (BE)) underscores its importance to the GoI for building roads and highway infrastructure in India.

 

Resilience in Pace of Awarding and Execution: Despite the COVID-19-led disruptions, NHAI has demonstrated a healthy pace in awarding of road contracts and in terms of construction. The pace of awarding has improved in FY21 with NHAI awarding 3,548km worth contracts till 24 March 2021 in comparison to the awards of 3,211km and 2,222km in FY20 and FY19, respectively. The resurgence of the hybrid annuity model (HAM) as one of the preferred mode of awarding has led to an increase in the pace. A host of measures such as marginal cost of fund based lending rate-linked annuity pay-outs (earlier linked to bank rate), release on construction grants in 10 instalments (earlier five instalments) and the lowering of lock-in period to six months (earlier two years) from the commercial operation date have reignited the demand for HAM projects. Ind-Ra expects these measures to keep the pace of awarding healthy in FY22 as well. Furthermore, the pace of construction has also remained strong in the current fiscal with 3,799km of road constructed till 24 March 2021 (FY20: 3,979km, FY19: 3,380km). Liquidity enhancing measures such as the release of retention money and monthly billing as against milestone billing earlier have helped in sustaining the pace of construction. Assuming such measures continue over the near term, Ind-Ra expects the pace of construction to remain robust in FY22 as well.   

 

Increase in Debt to remain Under Check: Though the total debt in NHAI’s books remained on the higher side at INR2,841.3 billion at end-December 2020, a further build-up of debt is likely to remain under check. The initiatives announced to encourage greater HAM participation in FY21 bode well from NHAI’s debt perspective, given that awarding through engineering, procurement and construction continued to hold sway in FY19 and FY20. Furthermore, NHAI is also looking at some, although small, resurgence in demand for built operate and transfer toll projects, given few favourable changes made to the model concession agreement for these projects. Additionally, NHAI’s continued focus on asset monetisation schemes such as toll operate and transfer and the formation of infrastructure investment trusts will help in containing the incremental debt build-up. Furthermore, the NHAI is also looking at executing large-ticket projects through the special purpose vehicle (SPV) route, wherein the debt will sit at the books of the SPV, backed by NHAI. A case in point is DME Development Limited (DME), which is an SPV created by the NHAI for the execution of the Delhi Mumbai Expressway project. In the case of DME, NHAI will pay to DME an amount corresponding to the repayment (interest + principal) due plus other incidentals in the form of an annuity.

 

Liquidity Indicator: Superior: With a substantial build-up of debt, the repayment obligations have also shown a steady increase historically. Nevertheless, the capital receipts in the form of cess, toll plough back and additional budgetary support have always been higher than the repayment commitments (interest and principal). Now with NHAI actively looking at asset monetisation, the capital receipts will be further bolstered, thereby aiding liquidity. In FY22, NHAI is likely to have repayment obligations of INR400 billion while capital receipts, according to the budgetary provisions, include proceeds from cess fund of INR347 billion, toll plough back of 126.5 billion and asset monetisation proceeds of INR100 billion. Additional budgetary support could also flow for specific projects.

 

NHAI’s ability to raise market borrowings at competitive rates of up to INR650 billion in FY22 and overdraft limits of INR45 billion further lend support to its liquidity. Furthermore, in Ind-Ra’s opinion, in view of the NHAI’s strong linkages with the GoI, timely support from its parent is likely to flow in case of any liquidity challenges. 

Reduction in Contingent Liabilities: Along with the build-up of debt over the years, there has also been a corresponding increase in the contingent liabilities (31 March 2019: INR700.4 billion). These contingent liabilities mostly relate to arbitration/court cases filed by concessionaires/contractors. In FY21, however, NHAI has actively pursued the resolution of these past disputes and claims. The Conciliation Committees of Independent Experts have helped in fast tracking the settlement of such disputes.  Accordingly, Ind-Ra expects the quantum of contingent liabilities, which have continuously increased over the past few years, to reduce by FYE21 (on a yoy basis).   


RATING SENSITIVITIES

Negative: Any weakening of NHAI’s financial, operational and managerial linkages with the GoI and/or a fall in the capital receipts to a level lower than the repayment commitments will lead to a negative rating action.


COMPANY PROFILE

NHAI is an autonomous organisation of the GoI under the Ministry of Road Transport and Highways and was constituted on 15 June 1989 under the National Highways Authority of India Act, 1988. NHAI commenced operations in February 1995, with the appointment of full-time chairman and other members. The main objective of NHAI is to develop, maintain and manage national highways entrusted to it.

 

FINANCIAL SUMMARY 

Particulars (INR billion)

FY18

FY19

Total income

0.14

0.11

Total debt

1,225.24

1,794.38

Source: Ind-Ra, NHAI



RATING HISTORY

Instrument Type

Current Rating/Outlook

Historical Rating/Outlook

 

Rating Type

Rated Limits (billion)

Rating

1 April 2020

29 March 2019

29 March 2018

11 April 2016

Issuer rating

Long-term

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

Tax-free bonds (FY12 and FY16)

Long-term

INR290

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

FY17 borrowing programme

Long-term

INR275.45

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

FY18 borrowing programme (including 54EC bonds for FY18)

Long-term

INR455.14

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

 

FY19 borrowing programme (including 54EC bonds for FY19)

Long-term

INR612.16

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

 

FY20 borrowing programme (including 54EC bonds for FY20)

Long-term

INR749.87

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

-

 

FY21 borrowing programme (including 54EC bonds for FY21)

Long-term

INR650

IND AAA/Stable

IND AAA/Stable

-

-

 

FY22borrowing programme (including 54EC bonds for FY21)

Long-term

INR650

IND AAA/Stable

-

-

-

 


In FY21, NHAI availed a term loan of INR100 billion from the State Bank of India and a term loan of INR50 billion from Punjab National Bank.
 

In FY20, the NHAI availed a loan of INR100 billion from the National Small Savings Fund and a term loan of INR60 billion from State Bank of India and a term loan of INR50 billion from Punjab National Bank. 

In FY19, NHAI availed a loan of INR200 billion from the National Small Savings Fund and a term loan of INR190 billion from State Bank of India. 

In FY18, NHAI availed masala bonds of INR30 billion and INR200 billion from the National Small Savings Fund.

ANNEXURE

Instrument

ISIN

Coupon Rate (%)

Date of Issuance

Maturity Date

Size of Issue (INR billion)

Rating/Outlook

Tax-free bonds (FY12)

INE906B07CA1

8.2

25 January 2012

25 January 2022

67.14

IND AAA/Stable

Tax-free bonds (FY12)

INE906B07CB9

8.3

25 January 2012

25 January 2027

32.86

IND AAA/Stable

Total

 

 

 

 

100

 

54 EC bonds (FY16)

INE906B07ED1

6

1 March 2016

31 March 2019

8.63

WD

Total

 

 

 

 

8.63

 

Tax-free bonds (FY16)

INE906B07EE9

7.11

18 September 2015

18 September 2025

5.49

IND AAA/Stable

Tax-free bonds (FY16)

INE906B07EF6

7.28

18 September 2015

18 September 2030

33.23

IND AAA/Stable

Tax-free bonds (FY16)

INE906B07EG4

7.14

11 January 2016

11 January 2026

6.86

IND AAA/Stable

Tax-free bonds (FY16)

INE906B07EH2

7.39

11 January 2016

11 January 2026

6.56

IND AAA/Stable

Tax-free bonds (FY16)

INE906B07EI0

7.35

11 January 2016

11 January 2031

59.83

IND AAA/Stable

Tax-free bonds (FY16)

INE906B07EJ8

7.6

11 January 2016

11 January 2031

26.75

IND AAA/Stable

Tax-free bonds (FY16)

INE906B07EK6

7.02

18 February 2016

18 February 2026

4.55

IND AAA/Stable

Tax-free bonds (FY16)

INE906B07EL4

7.39

11 January 2016

18 February 2031

13.73

IND AAA/Stable

Tax-free bonds (FY16)

INE906B07EM2

7.04

9 March 2016

9 March 2026

0.98

IND AAA/Stable

Tax-free bonds (FY16)

INE906B07EN0

7.29

9 March 2016

9 March 2026

1.92

IND AAA/Stable

Tax-free bonds (FY16)

INE906B07EO8

7.39

9 March 2016

9 March 2031

18.82

IND AAA/Stable

Tax-free bonds (FY16)

INE906B07EP5

7.69

9 March 2016

9 March 2031

11.28

IND AAA/Stable

Total

 

 

 

 

190

 

54 EC bonds (FY18)

INE906B07FH9

5.25

30 April 2017

30 April 2020

2.78

WD

54 EC bonds (FY18)

INE906B07FI7

5.25

31 May 2017

31 May 2020

3.45

WD

54 EC bonds (FY18)

INE906B07FJ5

5.25

30 June 2017

30 June 2020

3.79

WD

54 EC bonds (FY18)

INE906B07FK3

5.25

31 July 2017

31 July 2020

5.15

WD

54 EC bonds (FY18)

INE906B07FL1

5.25

31 August 2017

31 August 2020

4.19

WD

54 EC bonds (FY18)

INE906B07FM9

5.25

30 September 2017

30 September 2020

4.7

WD

54 EC bonds (FY18)

INE906B07FN7

5.25

31 October 2017

31 October 2020

4.57

WD

54 EC bonds (FY18)

INE906B07FO5

5.25

30 November 2017

30 November 2020

5.09

WD

54 EC bonds (FY18)

INE906B07FP2

5.25

31 December 2017

31 December 2020

5.44

WD

54 EC bonds (FY18)

INE906B07FQ0

5.25

31 January 2018

31 January 2021

5.37

WD

54 EC Bonds (FY18)

INE906B07FR8

5.25

28 February 2018

28 February 2021

5.65

WD

54 EC bonds (FY18)

INE906B07FS6

5.25

31 March 2018

31 March 2021

16.39

IND AAA/Stable

Total

 

 

 

 

16.39

 

Taxable bonds (FY17)

INE906B07FB2

8.03

3 August 2016

3 August 2041

50

IND AAA/Stable

Taxable bonds (FY17)

INE906B07FD8

7.68

1 September 2016

30 August 2041

50

IND AAA/Stable

Taxable bonds (FY17)

INE906B07FE6

7.17

23 December 2016

23 December 2021

50.2

IND AAA/Stable

Taxable bonds (FY17)

INE906B07FF3

7.22

24 January 2017

24 January 2047

85

IND AAA/Stable

Taxable bonds (FY17)

INE906B07FG1

7.6

20 March 2017

18 March 2022

40.25

IND AAA/Stable

Total

 

 

 

 

275.45

 

Taxable bonds (FY18)

INE906B07FT4

7.27

6 June 2017

6 June 2022

15.25

IND AAA/Stable

Taxable bonds (FY18)

INE906B07FU2

7.24

16 June 2017

16 June 2047

50

IND AAA/Stable

Taxable bonds (FY18)

INE906B07FV0

7.14

14 July 2017

14 July 2047

35

IND AAA/Stable

Taxable bonds (FY18)

INE906B07FW8

7.38

24 August 2017

24 August 2032

50

IND AAA/Stable

Taxable bonds (FY18)

INE906B07FX6

7.11

6 November 2017

6 November 2022

8.5

IND AAA/Stable

Taxable bonds (FY18)

INE906B08021

7.64

22 November 2017

22 November 2032

50

IND AAA/Stable

Total

 

 

 

 

208.75

 

54 EC bonds (FY19)

INE906B07FY4

5.75

30 April 2018

30 April 2023

1.54

IND AAA/Stable

54 EC bonds (FY19)

INE906B07FZ1

5.75

31 May 2018

31 May 2023

2.48

IND AAA/Stable

54 EC bonds (FY19)

INE906B07GA2

5.75

30 June 2018

30 June 2023

3.14

IND AAA/Stable

54 EC bonds (FY19)

INE906B07GB0

5.75

31 July 2018

31 July 2023

4.39

IND AAA/Stable

54 EC bonds (FY19)

INE906B07GC8

5.75

31 August 2018

31 August 2023

3.48

IND AAA/Stable

54 EC bonds (FY19)

INE906B07GD6

5.75

30 September 2018

30 September 2023

3.53

IND AAA/Stable

54 EC bonds (FY19)

INE906B07GE4

5.75

31 October 2018

31 October 2023

3.6

IND AAA/Stable

54 EC bonds (FY19)

INE906B07GF1

5.75

30 November 2018

30 November 2023

3.29

IND AAA/Stable

54 EC bonds (FY19)

INE906B07GG9

5.75

31 December 2018

31 December 2023

4.03

IND AAA/Stable

54 EC bonds (FY19)

INE906B07GH7

5.75

31 January 2019

31 January 2024

4.35

IND AAA/Stable

54 EC bonds (FY19)

INE906B07GI5

5.75

28 February 2019

29 February 2024

4.3

IND AAA/Stable

54 EC bonds (FY19)

INE906B07GJ3

5.75

31 March 2019

31 March 2024

8.93

IND AAA/Stable

Total

 

 

 

 

47.06

 

Taxable bonds (FY19)

INE906B07GK1

8.55

28 June 2018

28 June 2048

21.95

IND AAA/Stable

Taxable bonds (FY19)

INE906B07GL9

8.45

2 August 2018

2 August 2048

20.6

IND AAA/Stable

Taxable bonds (FY19)

INE906B07GM7

8.19

21 December 2018

21 December 2028

20.55

IND AAA/Stable

Taxable bonds (FY19)

 INE906B07GN5

8.37

21 January 2019

21 January 2029

16.75

IND AAA/Stable

Taxable bonds (FY19)

INE906B07GO3

8.49

5 February 2019

5 February 2029

20

IND AAA/Stable

Taxable bonds (FY19)

INE906B07GP0

8.27

28 March 2019

28 March 2029

55

IND AAA/Stable

Taxable bonds (FY19)

INE906B07GQ8

8.18

29 March 2019

28 March 2049

20.25

IND AAA/Stable

Total

 

 

 

 

175.1

 

54 EC bonds (FY20)

 INE906B07GR6

5.75

30 April 2019

30 April 2024

2.82

IND AAA/Stable

54 EC bonds (FY20)

 INE906B07GS4

5.75

31 May 2019

31 May 2024

3.76

IND AAA/Stable

54 EC bonds (FY20)

 INE906B07GT2

5.75

30 June 2019

30 June 2024

3.45

IND AAA/Stable

54 EC bonds (FY20)

 INE906B07GU0

5.75

31 July 2019

31 July 2024

4.72

IND AAA/Stable

54 EC bonds (FY20)

 INE906B07GV8

5.75

31 August 2019

31 August 2024

3.72

IND AAA/Stable

54 EC bonds (FY20)

 INE906B07GW6

5.75

30 September 2019

30 September 2024

3.11

IND AAA/Stable

54 EC bonds (FY20)

 INE906B07GX4

5.75

31 October 2019

31 October 2024

3.42

IND AAA/Stable

54 EC bonds (FY20)

INE906B07GY2

5.75

30 November 2019

30 November 2024

3.49

IND AAA/Stable

54 EC bonds (FY20)

INE906B07GZ9

5.75

31 December 2019

31 December 2024

3.67

IND AAA/Stable

54 EC bonds (FY20)

INE906B07HA0

5.75

31 January 2020

31 January 2025

3.41

IND AAA/Stable

54 EC bonds (FY20)

INE906B07HB8

5.75

29 February 2020

28 February 2025

3.97

IND AAA/Stable

54 EC bonds (FY20)

INE906B07HC6

5.75

31 March 2020

31 March 2025

4.97

IND AAA/Stable

Total

 

 

 

 

44.51

 

Taxable bonds (FY20)

 INE906B07HD4

8.36%

20 May 2019

20 May 2029

47.09

IND AAA/Stable

Taxable bonds (FY20)

 INE906B07HE2

7.92%

6 June 2019

6 June 2029

34.2

IND AAA/Stable

Taxable bonds (FY20)

 INE906B07HF9

7.80%

26 June 2019

26 June 2029

39.3

IND AAA/Stable

Taxable bonds (FY20)

 INE906B07HG7

7.49%

1 August 2019

1 August 2029

43.65

IND AAA/Stable

Taxable bonds (FY20)

 INE906B07HH5

7.70%

13 September 2019

13 September 2029

46.02

IND AAA/Stable

Taxable bonds (FY20)

 INE906B07HI3

7.87%

 09December 2019

 09December 2034

30

IND AAA/Stable

Taxable bonds (FY20)

 INE906B07HJ1

7.98%

 23December 2019

 23December 2049

50

IND AAA/Stable

Taxable bonds (FY20)

 INE906B07HK9

7.54%

 27 January 2020

 27 January 2030

11

IND AAA/Stable

Taxable bonds (FY20)

 INE906B07HL7

7.27%

 24 February 2020

 24 February 2035

50

IND AAA/Stable

Taxable bonds (FY20)

 INE906B07HM5

7.48%

 06 March 2020

 06 March 2050

65

IND AAA/Stable

Taxable bonds (FY20)

INE906B07HN3

7.52%

 19 March 2020

 19 March 2036

47.91

IND AAA/Stable

Taxable bonds (FY20)

INE906B07HO1

7.82%

 30 March 2020

 30 March 2035

31.19

IND AAA/Stable

Total

 

 

 

 

495.36

 

54 EC bonds (FY21)

INE906B07HQ6

5.75

30 April 2020

30 April 2025

0.37

IND AAA/Stable

54 EC bonds (FY21)

INE906B07HR4

5.75

31 May 2020

31 May 2025

1.25

IND AAA/Stable

54 EC bonds (FY21)

INE906B07HS2

5.75

30 June 2020

30 June 2025

3.59

IND AAA/Stable

54 EC bonds (FY21)

INE906B07HT0

5.75

31 July 2020

31 July 2025

2.25

IND AAA/Stable

54 EC bonds (FY21)

INE906B07HU8

5

31 August 2020

31 August 2025

1.45

IND AAA/Stable

54 EC bonds (FY21)

INE906B07HV6

5

30 September 2020

30 September 2025

2.42

IND AAA/Stable

54 EC bonds (FY21)

INE906B07HW4

5

31 October 2020

31 October 2025

1.75

IND AAA/Stable

54 EC bonds (FY21)

INE906B07HX2

5

30 November 2020

30 November 2025

1.76

IND AAA/Stable

54 EC bonds (FY21)

INE906B07HY0

5

31 December 2020

31 December 2025

3.32

IND AAA/Stable

54 EC bonds (FY21)

INE906B07HZ7

5

31 January 2021

31 January 2026

3.28

IND AAA/Stable

54 EC bonds (FY21)

INE906B07IA8

5

28 February 2021

28 February 2026

3.93

IND AAA/Stable

Total

 

 

 

 

25.37

 

Taxable bonds (FY21)

INE906B07HP8

7.35

28 April 2020

28 April 2030

18.24

IND AAA/Stable

Taxable bonds (FY21)

INE906B07IC4

6.99

28 May 2020

28 May 2035

15.00

IND AAA/Stable

Taxable bonds (FY21)

INE906B07ID2

6.98

29 June 2020

29 June 2035

25.00

IND AAA/Stable

Taxable bonds (FY21)

INE906B07IE0

6.5

5 August 2020

11 April 2031

12.70

IND AAA/Stable

Taxable bonds (FY21)

INE906B07IF7

7.14

10 September 2020

10 September 2040

60.00

IND AAA/Stable

Taxable bonds (FY21)

INE906B08039

7.04

21 September 2020

21 September 2033

30.00

IND AAA/Stable

Taxable bonds (FY21)

INE906B07IG5

6.94

27 November 2020

27 November 2037

50.00

IND AAA/Stable

Taxable bonds (FY21)

INE906B07IH3

7.03

15 December 2020

15 December 2040

58.59

IND AAA/Stable

Taxable bonds (FY21)

INE906B07II1

6.94

30 December 2020

30 December 2036

60.00

IND AAA/Stable

Taxable bonds (FY21)

INE906B07IJ9

7.1

18 February 2021

18 February 2039

60.00

IND AAA/Stable

Taxable bonds (FY21)

INE906B07IK7

7.28

8 March 2021

8 March 2039

60.00

IND AAA/Stable

Total

 

 

 

 

449.53

 

Unutilised amount (FY21)

 

 

 

 

25.1

IND AAA/Stable

Unutilised amount (FY22)

 

 

 

 

650

IND AAA/Stable




COMPLEXITY LEVEL OF INSTRUMENTS

Instrument Type

Complexity Indicator

Tax-free bonds

Low

FY17 borrowing programme

Low

FY18 borrowing programme

Low

FY19 borrowing programme

Low

FY20 borrowing programme

Low

FY21 borrowing programme

Low

FY22 borrowing programme

Low


For details on the complexity level of the instruments, please visit 
https://www.indiaratings.co.in/complexity-indicators.

SOLICITATION DISCLOSURES

Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings. 

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.

ABOUT INDIA RATINGS AND RESEARCH

About India Ratings and Research: India Ratings and Research (Ind-Ra) is India's most respected credit rating agency committed to providing India's credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market. 

Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies and project finance companies. 

Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India, the Reserve Bank of India and National Housing Bank. 

India Ratings is a 100% owned subsidiary of the Fitch Group.

For more information, visit www.indiaratings.co.in.

DISCLAIMER

ALL CREDIT RATINGS ASSIGNED BY INDIA RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTPS://WWW.INDIARATINGS.CO.IN/RATING-DEFINITIONS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.INDIARATINGS.CO.IN. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. INDIA RATINGS’ CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE.

Analyst Names

  • Primary Analyst

    Bijoy Thomas

    Senior Analyst
    India Ratings and Research Pvt Ltd DLF Epitome, Level 16, Building No. 5, Tower B DLF Cyber City, Gurugram Haryana - 122002
    0124 6687247

    Media Relation

    Ankur Dahiya

    Manager – Corporate Communication
    +91 22 40356121