Rating Rationale
December 06, 2018 | Mumbai
LIC Housing Finance Limited
'CRISIL AAA/Stable' assigned to NCD
 
Rating Action
Total Bank Loan Facilities Rated Rs.40059.88 Crore
Long Term Rating CRISIL AAA/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
 
Rs.25000 Crore Non-Convertible Debentures CRISIL AAA/Stable (Assigned)
Rs.25000 Crore Non-Convertible Debentures  CRISIL AAA/Stable (Reaffirmed)
Rs.5000 Crore Non-Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.15000 Crore Non-Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.10000 Crore Non-Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.5000 Crore Non-Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.5976 Crore Non-Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.15000 Crore Non-Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.15000 Crore Non-Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.20000 Crore Non-Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.33833 Crore Non-Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Rs.1600 Crore Upper Tier II Bond CRISIL AAA/Stable (Reaffirmed)
Rs.1750 Crore Tier II Bond CRISIL AAA/Stable (Reaffirmed)
Fixed Deposits Programme FAAA/Stable (Reaffirmed)
Rs.17500 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has assigned its 'CRISIL AAA/Stable' rating to the Rs 25000 crore non-Convertible issue of LIC Housing Finance Limited (LIC Housing) and reaffirmed its 'CRISIL AAA/FAAA/Stable/CRISIL A1+' ratings on other debt instruments, bank facilities, and fixed deposit programme of the company.
 
The ratings continue to reflect support from the largest shareholder, Life Insurance Corporation of India (LIC), the public-sector insurer and a dominant player in the Indian life insurance space. The ratings also factor in LIC Housing's comfortable capitalisation, adequate asset quality, and diversified resource profile. These rating strengths are partially offset by LIC Housing's exposure to risks related to intense competition in the housing finance segment.

Analytical Approach

For arriving at the ratings, CRISIL has analysed the business and financial risk profile of the company.  The ratings also centrally factor in the company's strategic importance to, and the strong support it is expected to receive from, its promoter, LIC.

Key Rating Drivers & Detailed Description
Strengths
* Support from largest shareholder, Life Insurance Corporation of India (LIC), the public-sector insurer and a dominant player in the Indian life insurance space.
LIC is the single-largest shareholder in LIC Housing with a stake of 40.31% as on September 30, 2018. LIC Housing benefits from LIC's strong brand equity, access to its agency network for origination of loans, and funding support. The company raised equity capital of Rs 810 crore in March 2012 from LIC to support growth plans. Additionally, a large number of LIC Housing's senior management personnel are on deputation from the parent. CRISIL believes LIC Housing will continue to benefit over the medium term from strong support from LIC in terms of ownership, funding, common branding, and managerial inputs.
 
* Comfortable capitalisation
LIC Housing has comfortable capitalisation. It had a large capital base of Rs 15,234 crore as on September 30, 2018 (Rs 12,691 crore as on March 31, 2018). As on September 30, 2018, provisional Tier-I and overall capital adequacy ratios were 12.60% and 14.82%, respectively (13.06% and 15.49%, respectively, as on March 31, 2018). LIC Housing's demonstrated ability to raise capital and steady accretion to networth support capitalisation. LIC Housing also had comfortable capital coverage for net non-performing assets (NPAs) of 17.8 times as on March 31, 2018. However, gearing, at 10.1 times as on September 30, 2018 (11.5 times as on March 31, 2018), was higher than that of peers.
 
* Adequate asset quality
LIC Housing has adequate asset quality with a gross NPA ratio of 1.20% as on September 30, 2018 (0.78% as on March 31, 2018).  The company maintains strong asset quality in the Individual loan portfolio (gross NPAs were 0.81% as on September 30, 2018), comprising 78% of the total loan book, supported by strong credit appraisal and credit-monitoring systems. Its non-individual loan book (22% of portfolio as on September 30, 2018), comprising loans against property and developer funding, however, remains unseasoned, given continued strong growth in the segment. Ability to manage asset quality in the non-housing loan portfolio remains a key monitorable.
 
* Diversified resource profile
LIC Housing has a diversified resource profile and benefits from the strong brand image of its parent, LIC, as reflected in competitive borrowing cost and diverse set of investors. As on September 30, 2018, non-Convertible Debentures and bonds accounted for 78.61% of the total borrowing of Rs 154451 crore; commercial  paper for 9.17%; loans from banks for 16%; and other sources (mainly refinance from National Housing Bank and retail fixed deposits) for 5.39%. Furthermore, flexibility to raise funds from the parent supports LIC Housing's resource profile. Borrowing cost was 8.2% for the first half of fiscal 2019 (8.2% in fiscal 2018 and 8.6% in fiscal 2017).
 
Weakness
* Intense competition in the housing finance segment
LIC Housing is a leading player in the housing finance market; however, the company continues to face intense competition from banks, which account for a dominant share of the market. CRISIL believes LIC Housing will remain a leading housing finance company and maintain its market share, but will also face price-based competition over time amid increased focus by banks on this segment.
Outlook: Stable

CRISIL believes that LIC Housing will continue to benefit from the support that it receives from LIC, and maintain its comfortable capitalisation and diversified resource profile, over the medium term. The outlook may be revised to 'Negative' if there is a steep decline in LIC's ownership in, or support extended to, LIC Housing, or if, in CRISIL's opinion, LIC's credit risk profile weakens. The outlook may also be revised if there is significant and sustained deterioration in LIC Housing's asset quality and earnings profile, or pressure on its capitalisation.

Liquidity Profile
LIC Housing had negative cumulative mismatches in maturity buckets of up to one year as on September 30, 2018. As on date, total debt repayment for LIC Housing is around Rs 8000 crore till December 31, 2018. Against this, the company has unutilized working capital bank lines and additional investment limit from Banks & Financial Institutions of Rs.8500 crore as well as cash and liquid investments of Rs 1171 crore. LIC Housing has been active in the capital markets even in the current environment and has been able to raise funds in October and November; this, coupled with expectation of funding support from LIC adds stability to LIC Housing's liquidity profile.

About the Company

LIC Housing was promoted by LIC and other financial institutions in 1989. It is India's second-largest housing finance company, with 9 regional offices, 23 back offices, and 273 marketing units in India, and 2 overseas representative offices (1 each in Dubai and Kuwait), as on September 30, 2018.
 
For fiscal 2018, profit after tax (PAT) was Rs 1990 crore on total income (net of interest expenses) of Rs 3815 crore, against PAT of Rs 1931 crore on total income (net of interest expenses) of Rs 3849 crore for fiscal 2017. For the first half of fiscal 2019, PAT was around Rs.1141 crore on a total income (net of interest expenses) of Rs.2094 crore, against a PAT of around Rs.933 crore on a total income (net of interest expense) of Rs.1860 crore for the corresponding period of the previous fiscal.

Key Financial Indicators
As on / for the period ended Sept 30   2018 2017
Total Advances Rs crore 175953 151417
Total income Rs crore 8257 7371
Profit after tax Rs crore 1141 959
Gross NPA % 1.20 0.80
Overall capital adequacy ratio * % 14.82 16.04
Return on assets % 1.3 1.2
*Provisional

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN Instrument Date of  Allotment Rate of Interest () Date of Redemption Issue Size (Rs. Cr) Rating Assigned
with Outlook
NA Debenture* NA NA NA 25000 CRISIL AAA/Stable
NA Commercial Paper* NA NA 7-365 days 2500 CRISIL A1+
NA Commercial Paper* NA NA 7-365 days 5000 CRISIL A1+
NA Commercial Paper* NA NA 7-365 days 3000 CRISIL A1+
NA Debenture* NA NA NA 25000 CRISIL AAA/Stable
INE115A07MG7 Debenture 21-Jul-17 7.42 15-Jul-22 1100 CRISIL AAA/Stable
INE115A07MH5 Debenture 27-Jul-17 7.065 19-Jun-19 600 CRISIL AAA/Stable
NA Commercial Paper NA NA 7-365 days 3600 CRISIL A1+
NA Debenture* NA NA NA 1300 CRISIL AAA/Stable
INE115A07MF9 Debenture # 07-Jul-17 7.2 12-Sep-18 700 CRISIL AAA/Stable
INE115A07ME2 Debenture 30-Jun-17 7.47 13-Jul-20 300 CRISIL AAA/Stable
INE115A07MA0 Debenture 14-Jun-17 7.4 14-Aug-20 250 CRISIL AAA/Stable
INE115A07MB8 Debenture 14-Jun-17 7.4 18-Aug-20 250 CRISIL AAA/Stable
INE115A07MC6 Debenture 14-Jun-17 7.56 14-Jun-27 500 CRISIL AAA/Stable
INE115A07254 Debenture # 25-Nov-02 7.5 25-Nov-17 100 CRISIL AAA/Stable
INE115A08278 Debenture # 27-Jun-03 7 27-Jun-18 285 CRISIL AAA/Stable
INE115A07437 Debenture # 27-Aug-07 9.75 27-Aug-17 300 CRISIL AAA/Stable
INE115A07452 Debenture # 22-Oct-07 9.8 22-Oct-17 500 CRISIL AAA/Stable
INE115A07478 Debenture # 16-Jan-08 9.14 16-Jan-18 200 CRISIL AAA/Stable
INE115A07494 Debenture # 24-Mar-08 9.75 24-Mar-18 150 CRISIL AAA/Stable
INE115A07569 Debenture # 13-Aug-08 11.08 13-Aug-18 300 CRISIL AAA/Stable
INE115A07577 Debenture # 25-Aug-08 9.6 25-Aug-18 500 CRISIL AAA/Stable
INE115A07585 Debenture # 05-Sep-08 9.6 05-Sep-17 250 CRISIL AAA/Stable
INE115A07601 Debenture # 27-Sep-08 11.15 27-Sep-17 250 CRISIL AAA/Stable
INE115A07619 Debenture # 21-Oct-08 9.6 21-Oct-18 500 CRISIL AAA/Stable
INE115A07833 Debenture 31-May-10 8.6 31-May-20 296 CRISIL AAA/Stable
INE115A07932 Debenture 10-Aug-10 8.9 10-Aug-20 630 CRISIL AAA/Stable
INE115A07AA5 Debenture 13-Oct-10 8.88 13-Oct-20 465 CRISIL AAA/Stable
INE115A07AC1 Debenture 23-Nov-10 9 23-Nov-20 366 CRISIL AAA/Stable
INE115A07AH0 Debenture 04-Jan-11 9.35 04-Jan-21 107 CRISIL AAA/Stable
INE115A07AJ6 Debenture 18-Jan-11 9 18-Jan-21 1000 CRISIL AAA/Stable
INE115A07AL2 Debenture 07-Mar-11 9.6 07-Mar-21 250 CRISIL AAA/Stable
INE115A07AP3 Debenture 11-May-11 9.4 11-May-21 500 CRISIL AAA/Stable
INE115A07AT5 Debenture 07-Jun-11 9.8 07-Jun-21 500 CRISIL AAA/Stable
INE115A07BH8 Debenture 19-Sep-11 9.4 19-Sep-21 500 CRISIL AAA/Stable
INE115A07BL0 Debenture 11-Nov-11 9.9 11-Nov-21 200 CRISIL AAA/Stable
INE115A07BY3 Debenture 30-Jan-12 9.45 30-Jan-22 300 CRISIL AAA/Stable
INE115A07CA1 Debenture 10-Feb-12 9.43 10-Feb-22 200 CRISIL AAA/Stable
INE115A07CT1 Debenture 24-Jul-12 9.35 24-Jul-22 500 CRISIL AAA/Stable
INE115A07CX3 Debenture # 07-Sep-12 9.57 07-Sep-17 1000 CRISIL AAA/Stable
INE115A07CY1 Debenture 14-Sep-12 9.3 14-Sep-22 500 CRISIL AAA/Stable
INE115A07DA9 Debenture 25-Oct-12 9.05 25-Oct-22 335 CRISIL AAA/Stable
INE115A07DD3 Debenture 12-Nov-12 9.25 12-Nov-22 400 CRISIL AAA/Stable
INE115A07DG6 Debenture 13-Dec-12 9.23 13-Dec-22 200 CRISIL AAA/Stable
INE115A07DH4 Debenture 17-Dec-12 9.3 17-Dec-22 500 CRISIL AAA/Stable
INE115A07DI2 Debenture 01-Jan-13 9.25 01-Jan-23 750 CRISIL AAA/Stable
INE115A07DQ5 Debenture 12-Mar-13 9.13 12-Mar-23 500 CRISIL AAA/Stable
INE115A07DR3 Debenture # 09-Apr-13 9.11 09-Apr-18 600 CRISIL AAA/Stable
INE115A07DS1 Debenture 09-Apr-13 9 09-Apr-23 525 CRISIL AAA/Stable
INE115A07DT9 Debenture 25-Apr-13 8.89 25-Apr-23 500 CRISIL AAA/Stable
INE115A07DX1 Debenture 21-May-13 8.37 21-May-23 900 CRISIL AAA/Stable
INE115A07DY9 Debenture # 22-May-13 8.31 22-May-18 300 CRISIL AAA/Stable
INE115A07DZ6 Debenture # 28-May-13 8.34 28-May-18 850 CRISIL AAA/Stable
INE115A07EB5 Debenture # 11-Jun-13 8.4 11-Jun-18 352 CRISIL AAA/Stable
INE115A07ED1 Debenture # 20-Jun-13 8.6 20-Jun-18 660 CRISIL AAA/Stable
INE115A07EE9 Debenture # 04-Jul-13 8.83 04-Jul-18 205 CRISIL AAA/Stable
INE115A07E08 Debenture # 25-Oct-13 9.55 25-Oct-18 775 CRISIL AAA/Stable
INE115A07EP5 Debenture # 01-Nov-13 9.65 01-Nov-18 273 CRISIL AAA/Stable
INE115A07EQ3 Debenture # 26-Nov-13 Zero Coupon 26-Nov-18 500 CRISIL AAA/Stable
INE115A07EU5 Debenture 16-Jan-14 9.73 16-Jan-19 700 CRISIL AAA/Stable
INE115A07EV3 Debenture 22-Jan-14 9.6 22-Jan-19 500 CRISIL AAA/Stable
INE115A07EW1 Debenture 22-Jan-14 9.63 22-Jan-19 370 CRISIL AAA/Stable
INE115A07EY7 Debenture 26-Feb-14 9.77 26-Feb-19 281 CRISIL AAA/Stable
INE115A07FB2 Debenture 10-Mar-14 9.76 08-Mar-19 800 CRISIL AAA/Stable
INE115A07FC0 Debenture 19-Mar-14 9.8 19-Mar-24 1000 CRISIL AAA/Stable
INE115A07FE6 Debenture 25-Mar-14 9.65 25-Mar-19 500 CRISIL AAA/Stable
INE115A07FH9 Debenture # 20-Jun-14 9.22 20-Jun-17 360 CRISIL AAA/Stable
INE115A07FI7 Debenture # 02-Jul-14 9.18 03-Jul-17 775 CRISIL AAA/Stable
INE115A07FJ5 Debenture 07-Jul-14 9.29 05-Jul-24 605 CRISIL AAA/Stable
INE115A07FK3 Debenture 24-Jul-14 9.51 24-Jul-19 1000 CRISIL AAA/Stable
INE115A07FN7 Debenture 19-Aug-14 9.35 19-Aug-19 575 CRISIL AAA/Stable
INE115A07FO5 Debenture 25-Aug-14 9.47 23-Aug-24 500 CRISIL AAA/Stable
INE115A07FP2 Debenture 25-Aug-14 9.39 23-Aug-24 1000 CRISIL AAA/Stable
INE115A07FQ0 Debenture 02-Sep-14 Zero coupon 02-Sep-19 1000 CRISIL AAA/Stable
INE115A07FR8 Debenture # 10-Sep-14 9.4 01-Sep-17 250 CRISIL AAA/Stable
INE115A07FS6 Debenture 10-Sep-14 9.45 10-Sep-19 250 CRISIL AAA/Stable
INE115A07FT4 Debenture 10-Sep-14 Zero coupon 10-Sep-19 900 CRISIL AAA/Stable
INE115A07FU2 Debenture 24-Sep-14 9.44 30-Sep-19 1000 CRISIL AAA/Stable
INE115A07FV0 Debenture 30-Sep-14 9.24 30-Sep-19 350 CRISIL AAA/Stable
INE115A07FW8 Debenture 30-Sep-14 9.24 30-Sep-24 650 CRISIL AAA/Stable
INE115A07FX6 Debenture # 16-Oct-14 9.29 16-Oct-17 750 CRISIL AAA/Stable
INE115A07FY4 Debenture 16-Oct-14 9.22 16-Oct-24 500 CRISIL AAA/Stable
INE115A07FZ1 Debenture # 29-Oct-14 9.08 28-Feb-18 602 CRISIL AAA/Stable
INE115A07GA2 Debenture 29-Oct-14 8.97 29-Oct-19 500 CRISIL AAA/Stable
INE115A07GB0 Debenture 10-Nov-14 8.7 08-Nov-19 600 CRISIL AAA/Stable
INE115A07GC8 Debenture 17-Nov-14 8.59 18-Nov-19 550 CRISIL AAA/Stable
INE115A07GF1 Debenture # 24-Nov-14 8.79 24-Nov-17 520 CRISIL AAA/Stable
INE115A07GH7 Debenture 28-Nov-14 8.72 28-Nov-19 715 CRISIL AAA/Stable
INE115A07GI5 Debenture # 08-Dec-14 8.68 08-Dec-17 250 CRISIL AAA/Stable
INE115A07GK1 Debenture 11-Dec-14 8.61 11-Dec-19 1000 CRISIL AAA/Stable
INE115A07GL9 Debenture 08-Jan-15 8.62 08-Jan-25 1000 CRISIL AAA/Stable
INE115A07GM7 Debenture 14-Jan-15 8.75 14-Jan-20 450 CRISIL AAA/Stable
INE115A07GN5 Debenture 14-Jan-15 8.73 14-Jan-20 350 CRISIL AAA/Stable
INE115A07GO3 Debenture 21-Jan-15 8.47 21-Jan-20 800 CRISIL AAA/Stable
INE115A07GP0 Debenture 30-Jan-15 8.4 30-Jan-25 10 CRISIL AAA/Stable
INE115A07GQ8 Debenture # 24-Feb-15 8.7 22-Jun-18 500 CRISIL AAA/Stable
INE115A07GS4 Debenture 24-Feb-15 8.5 24-Feb-25 600 CRISIL AAA/Stable
INE115A07GT2 Debenture 03-Mar-15 8.52 03-Mar-25 425 CRISIL AAA/Stable
INE115A07GV8 Debenture # 24-Mar-15 zero coupon 20-Mar-18 226 CRISIL AAA/Stable
INE115A07GW6 Debenture # 30-Mar-15 8.65 14-May-18 438 CRISIL AAA/Stable
INE115A07GX4 Debenture 30-Mar-15 8.68 30-Mar-20 595 CRISIL AAA/Stable
INE115A07GY2 Debenture 31-Mar-15 8.22 31-Mar-25 1000 CRISIL AAA/Stable
INE115A07HB8 Debenture 28-Apr-15 8.49 28-Apr-20 300 CRISIL AAA/Stable
INE115A07HD4 Debenture # 15-May-15 8.73 15-May-18 400 CRISIL AAA/Stable
INE115A07HF9 Debenture # 21-May-15 8.6 17-Jul-17 437 CRISIL AAA/Stable
INE115A07HG7 Debenture 29-May-15 8.55 29-May-25 1000 CRISIL AAA/Stable
INE115A07HH5 Debenture 04-Jun-15 8.5 04-Jun-25 205 CRISIL AAA/Stable
INE115A07HI3 Debenture 17-Jun-15 8.7 17-Dec-18 300 CRISIL AAA/Stable
INE115A07HJ1 Debenture # 25-Jun-15 8.6 27-Jul-18 490 CRISIL AAA/Stable
INE115A07HK9 Debenture 26-Jun-15 8.69 26-Jun-19 300 CRISIL AAA/Stable
INE115A07HM5 Debenture # 06-Jul-15 8.69 06-Dec-18 500 CRISIL AAA/Stable
INE115A07HN3 Debenture 06-Jul-15 8.65 08-Feb-19 415 CRISIL AAA/Stable
INE115A07HO1 Debenture 13-Jul-15 8.6 13-Jun-19 300 CRISIL AAA/Stable
INE115A07HP8 Debenture 20-Jul-15 8.57 18-Jul-25 200 CRISIL AAA/Stable
INE115A07HQ6 Debenture 22-Jul-15 8.6 22-Jul-20 605 CRISIL AAA/Stable
INE115A07HR4 Debenture 29-Jul-15 8.6 29-Jul-20 750 CRISIL AAA/Stable
INE115A07HS2 Debenture 29-Jul-15 8.67 26-Aug-20 1000 CRISIL AAA/Stable
INE115A07HT0 Debenture 03-Aug-15 8.58 01-Aug-25 300 CRISIL AAA/Stable
INE115A07HU8 Debenture 17-Aug-15 8.55 14-Aug-25 500 CRISIL AAA/Stable
INE115A07HV6 Debenture 24-Aug-15 8.53 24-Sep-20 440 CRISIL AAA/Stable
INE115A07HW4 Debenture 31-Aug-15 8.48 29-Aug-25 500 CRISIL AAA/Stable
INE115A07HX2 Debenture 31-Aug-15 8.5 29-Aug-25 CRISIL AAA/Stable
INE115A07HY0 Debenture # 07-Sep-15 8.45 07-Sep-18 300 CRISIL AAA/Stable
INE115A07HZ7 Debenture 15-Sep-15 8.65 15-Sep-20 205 CRISIL AAA/Stable
INE115A07IA8 Debenture 29-Sep-15 8.65 29-Sep-20 503 CRISIL AAA/Stable
INE115A07IB6 Debenture # 08-Oct-15 8.38 08-Oct-18 500 CRISIL AAA/Stable
INE115A07IC4 Debenture 08-Oct-15 8.34 08-Oct-25 210 CRISIL AAA/Stable
INE115A07ID2 Debenture 19-Oct-15 8.35 18-Oct-19 770 CRISIL AAA/Stable
INE115A07IE0 Debenture 23-Oct-15 8.35 23-Oct-20 650 CRISIL AAA/Stable
INE115A07IF7 Debenture 23-Oct-15 8.25 23-Oct-25 500 CRISIL AAA/Stable
INE115A07IG5 Debenture 30-Oct-15 8.28 30-Apr-19 395 CRISIL AAA/Stable
INE115A07IH3 Debenture 13-Nov-15 8.2 13-Nov-25 1000 CRISIL AAA/Stable
INE115A07IK7 Debenture 27-Nov-15 8.38 27-Feb-19 300 CRISIL AAA/Stable
INE115A07IM3 Debenture 08-Dec-15 8.4 28-Feb-19 350 CRISIL AAA/Stable
INE115A07IN1 Debenture 14-Dec-15 8.4 12-Dec-25 1000 CRISIL AAA/Stable
INE115A07IO9 Debenture 05-Jan-16 8.5 05-Jan-21 350 CRISIL AAA/Stable
INE115A07IP6 Debenture 05-Jan-16 8.5 05-Jan-21 150 CRISIL AAA/Stable
INE115A07IQ4 Debenture 19-Jan-16 8.58 19-Jan-23 490 CRISIL AAA/Stable
INE115A07IR2 Debenture 28-Jan-16 8.42 28-Jan-26 750 CRISIL AAA/Stable
INE115A07IS0 Debenture 02-Feb-16 8.43 02-Feb-26 750 CRISIL AAA/Stable
INE115A07IT8 Debenture 08-Feb-16 8.58 08-Feb-24 200 CRISIL AAA/Stable
INE115A07IU6 Debenture 18-Feb-16 8.69 17-May-19 200 CRISIL AAA/Stable
INE115A07IV4 Debenture 18-Feb-16 Zero Coupon 18-Feb-19 280 CRISIL AAA/Stable
INE115A07IW2 Debenture 26-Feb-16 8.53 26-Feb-26 500 CRISIL AAA/Stable
INE115A07IX0 Debenture 03-Mar-16 8.57 03-Mar-26 1000 CRISIL AAA/Stable
INE115A07IY8 Debenture 08-Mar-16 8.75 08-Mar-21 600 CRISIL AAA/Stable
INE115A07IZ5 Debenture 08-Mar-16 8.73 05-Apr-19 200 CRISIL AAA/Stable
INE115A07JA6 Debenture # 14-Mar-16 8.7 14-Sep-18 155 CRISIL AAA/Stable
INE115A07JB4 Debenture 14-Mar-16 8.75 12-Feb-21 750 CRISIL AAA/Stable
INE115A07JC2 Debenture 21-Mar-16 8.75 21-Dec-20 750 CRISIL AAA/Stable
INE115A07JD0 Debenture # 21-Mar-16 8.75 21-Jul-17 500 CRISIL AAA/Stable
INE115A07JE8 Debenture # 21-Mar-16 8.72 15-Jun-17 300 CRISIL AAA/Stable
INE115A07JF5 Debenture 28-Mar-16 8.6 26-Feb-21 367 CRISIL AAA/Stable
INE115A07JG3 Debenture 28-Mar-16 8.6 28-Dec-20 456 CRISIL AAA/Stable
INE115A07JH1 Debenture 28-Mar-16 ZERO COUPON 09-Apr-19 321 CRISIL AAA/Stable
INE115A07JI9 Debenture 27-Apr-16 8.32 27-Apr-26 300 CRISIL AAA/Stable
INE115A07JJ7 Debenture 02-May-16 8.37 03-Oct-19 1000 CRISIL AAA/Stable
INE115A07JK5 Debenture 10-May-16 8.37 10-May-21 505 CRISIL AAA/Stable
INE115A07JL3 Debenture 13-May-16 8.37 13-Jun-19 300 CRISIL AAA/Stable
INE115A07JM1 Debenture 23-May-16 8.45 22-May-26 535 CRISIL AAA/Stable
INE115A07JN9 Debenture 23-May-16 8.45 21-May-21 250 CRISIL AAA/Stable
INE115A07JO7 Debenture 10-Jun-16 8.48 09-Jun-23 272 CRISIL AAA/Stable
INE115A07JP4 Debenture 10-Jun-16 8.47 10-Jun-26 500 CRISIL AAA/Stable
INE115A07JQ2 Debenture 15-Jun-16 8.47 15-Jun-26 370 CRISIL AAA/Stable
INE115A07JR0 Debenture # 23-Jun-16 8.46 23-Feb-18 500 CRISIL AAA/Stable
INE115A07JS8 Debenture 29-Jun-16 8.48 29-Jun-26 500 CRISIL AAA/Stable
INE115A07JT6 Debenture 29-Jun-16 8.48 29-Jun-26 500 CRISIL AAA/Stable
INE115A07JU4 Debenture 30-Jun-16 8.48 14-Feb-20 205 CRISIL AAA/Stable
INE115A07JV2 Debenture 07-Jul-16 8.47 07-Jul-20 435 CRISIL AAA/Stable
INE115A07JW0 Debenture 12-Jul-16 8.43 10-Jul-26 475 CRISIL AAA/Stable
INE115A07JX8 Debenture # 15-Jul-16 8.3 27-Apr-18 500 CRISIL AAA/Stable
INE115A07JY6 Debenture 15-Jul-16 8.3 15-Jul-21 500 CRISIL AAA/Stable
INE115A07JZ3 Debenture # 27-Jul-16 8.18 27-Sep-18 525 CRISIL AAA/Stable
INE115A07KA4 Debenture # 27-Jul-16 8.05 01-Feb-18 600 CRISIL AAA/Stable
INE115A07KB2 Debenture 27-Jul-16 8.19 27-Jul-21 105 CRISIL AAA/Stable
INE115A07KC0 Debenture 18-Aug-16 8.02 18-Feb-20 500 CRISIL AAA/Stable
INE115A07KD8 Debenture 18-Aug-16 7.9 18-Dec-19 300 CRISIL AAA/Stable
INE115A07KE6 Debenture 18-Aug-16 7.9 18-Aug-26 200 CRISIL AAA/Stable
INE115A07KF3 Debenture 31-Aug-16 7.96 12-Dec-19 300 CRISIL AAA/Stable
INE115A07KH9 Debenture 31-Aug-16 7.98 15-May-20 400 CRISIL AAA/Stable
INE115A07KG1 Debenture 31-Aug-16 7.97 11-Feb-20 200 CRISIL AAA/Stable
INE115A07KI7 Debenture 19-Sep-16 7.79 19-Jun-20 200 CRISIL AAA/Stable
INE115A07KJ5 Debenture 19-Sep-16 7.86 19-Sep-23 200 CRISIL AAA/Stable
INE115A07KK3 Debenture 19-Sep-16 7.81 19-Oct-21 300 CRISIL AAA/Stable
INE115A07KL1 Debenture 26-Sep-16 7.81 27-Apr-20 500 CRISIL AAA/Stable
INE115A07KM9 Debenture 26-Sep-16 7.83 25-Sep-26 500 CRISIL AAA/Stable
INE115A07KN7 Debenture 29-Sep-16 7.75 27-Aug-21 200 CRISIL AAA/Stable
INE115A07KO5 Debenture 07-Oct-16 7.54 07-Oct-20 200 CRISIL AAA/Stable
INE115A07KP2 Debenture # 07-Oct-16 Zero Coupon 15-Nov-17 700 CRISIL AAA/Stable
INE115A07KQ0 Debenture 14-Oct-16 7.59 14-Oct-21 497 CRISIL AAA/Stable
INE115A07KR8 Debenture 21-Oct-16 7.66 21-Oct-21 480 CRISIL AAA/Stable
INE115A07KS6 Debenture 25-Oct-16 7.48 23-Oct-26 1000 CRISIL AAA/Stable
INE115A07KT4 Debenture 17-Nov-16 7.59 11-Jun-20 500 CRISIL AAA/Stable
INE115A07KU2 Debenture 21-Nov-16 7.4 21-May-19 500 CRISIL AAA/Stable
INE115A07KV0 Debenture 25-Nov-16 7.2 24-Apr-20 575 CRISIL AAA/Stable
INE115A07KW8 Debenture # 30-Nov-16 Zero Coupon 22-Dec-17 500 CRISIL AAA/Stable
INE115A07KX6 Debenture # 07-Dec-16 7.25 27-Apr-18 200 CRISIL AAA/Stable
INE115A07KY4 Debenture 16-Dec-16 7.16 16-Dec-26 1000 CRISIL AAA/Stable
INE115A07KZ1 Debenture 23-Dec-16 7.25 22-Dec-23 1000 CRISIL AAA/Stable
INE115A07LA2 Debenture # 06-Jan-17 7.35 16-Feb-18 625 CRISIL AAA/Stable
INE115A07LB0 Debenture 11-Jan-17 7.52 11-May-20 350 CRISIL AAA/Stable
INE115A07LC8 Debenture 13-Jan-17 7.57 13-Jan-22 500 CRISIL AAA/Stable
INE115A07LD6 Debenture 31-Jan-17 7.58 28-Feb-20 650 CRISIL AAA/Stable
INE115A07LE4 Debenture # 17-Feb-17 7.51 14-Aug-18 500 CRISIL AAA/Stable
INE115A07LF1 Debenture 17-Feb-17 7.65 17-Nov-20 350 CRISIL AAA/Stable
INE115A07LG9 Debenture # 27-Feb-17 7.51 20-Nov-18 650 CRISIL AAA/Stable
INE115A07LH7 Debenture 15-Mar-17 7.79 10-May-19 410 CRISIL AAA/Stable
INE115A07LI5 Debenture 16-Mar-17 7.8 17-Mar-20 220 CRISIL AAA/Stable
INE115A07LJ3 Debenture 16-Mar-17 7.8 18-Mar-20 220 CRISIL AAA/Stable
INE115A07LK1 Debenture 16-Mar-17 7.8 19-Mar-20 220 CRISIL AAA/Stable
INE115A07LL9 Debenture 23-Mar-17 7.77 21-Feb-20 250 CRISIL AAA/Stable
INE115A07LM7 Debenture 24-Mar-17 7.95 24-Mar-22 500 CRISIL AAA/Stable
INE115A07LN5 Debenture 24-Mar-17 7.78 24-Jun-20 500 CRISIL AAA/Stable
INE115A07LO3 Debenture 27-Mar-17 7.95 26-Mar-27 600 CRISIL AAA/Stable
INE115A07LP0 Debenture 31-Mar-17 7.56 21-Dec-18 500 CRISIL AAA/Stable
INE115A07LQ8 Debenture 03-May-17 7.8 03-May-22 250 CRISIL AAA/Stable
INE115A07LR6 Debenture 08-May-17 7.74 05-Jun-20 500 CRISIL AAA/Stable
INE115A07LS4 Debenture 08-May-17 7.9 08-May-24 250 CRISIL AAA/Stable
INE115A07LT2 Debenture 16-May-17 7.7 22-May-20 700 CRISIL AAA/Stable
INE115A07LU0 Debenture 17-May-17 7.86 17-May-27 700 CRISIL AAA/Stable
INE115A07LV8 Debenture 23-May-17 7.58 12-Jul-19 500 CRISIL AAA/Stable
INE115A07LW6 Debenture 23-May-17 7.78 23-May-22 300 CRISIL AAA/Stable
INE115A07LX4 Debenture 29-May-17 7.67 29-Jul-21 500 CRISIL AAA/Stable
INE115A07LY2 Debenture # 29-May-17 7.18 29-Jun-18 250 CRISIL AAA/Stable
NA Debenture* NA NA NA 18770 CRISIL AAA/Stable
INE115A08294 Tier II Bonds # 01-Jul-08 10.35 01-Jul-18 500 CRISIL AAA/Stable
INE115A08336 Tier II Bonds 15-Sep-10 8.95 15-Sep-20 500 CRISIL AAA/Stable
NA Tier II Bonds* NA NA NA 750 CRISIL AAA/Stable
INE115A08328 Upper Tier II Bonds 31-Mar-10 8.7% (1st 10 Years) 31-Mar-25 500 CRISIL AAA/Stable
INE115A08344 Upper Tier II Bonds 26-Oct-10 8.9% (1st 10 years) 26-Oct-25 500 CRISIL AAA/Stable
INE115A08351 Upper Tier II Bonds 29-Nov-10 9.0% (1st 10 years) 29-Nov-25 500 CRISIL AAA/Stable
NA Upper Tier II Bonds* NA NA NA 100 CRISIL AAA/Stable
NA Commercial Paper NA NA 7-365 days 3400 CRISIL A1+
NA Long-term bank facility NA NA NA 29285 CRISIL AAA/Stable
NA Short-term bank facility NA NA NA 10775 CRISIL A1+
NA Fixed deposits programme NA NA NA NA FAAA/Stable
*yet to be issued
#CRISIL is awaiting independent confirmation of redemption before withdrawing ratings on these facility
Annexure - Rating History for last 3 Years
  Current 2018 (History) 2017  2016  2015  Start of 2015
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  17500.00  CRISIL A1+  12-09-18  CRISIL A1+  05-09-17  CRISIL A1+  07-07-16  CRISIL A1+  21-08-15  CRISIL A1+  CRISIL A1+ 
        29-06-18  CRISIL A1+  11-07-17  CRISIL A1+  09-05-16  CRISIL A1+  15-05-15  CRISIL A1+   
        20-04-18  CRISIL A1+  13-06-17  CRISIL A1+  29-02-16  CRISIL A1+       
        09-02-18  CRISIL A1+               
Fixed Deposits  FD  0.00  FAAA/Stable  12-09-18  FAAA/Stable  05-09-17  FAAA/Stable  07-07-16  FAAA/Stable  21-08-15  FAAA/Stable  FAAA/Stable 
        29-06-18  FAAA/Stable  11-07-17  FAAA/Stable  09-05-16  FAAA/Stable  15-05-15  FAAA/Stable   
        20-04-18  FAAA/Stable  13-06-17  FAAA/Stable  29-02-16  FAAA/Stable       
        09-02-18  FAAA/Stable               
Non Convertible Debentures  LT  149809.00
06-12-18 
CRISIL AAA/Stable  12-09-18  CRISIL AAA/Stable  05-09-17  CRISIL AAA/Stable  07-07-16  CRISIL AAA/Stable  21-08-15  CRISIL AAA/Stable  CRISIL AAA/Stable 
        29-06-18  CRISIL AAA/Stable  11-07-17  CRISIL AAA/Stable  09-05-16  CRISIL AAA/Stable  15-05-15  CRISIL AAA/Stable   
        20-04-18  CRISIL AAA/Stable  13-06-17  CRISIL AAA/Stable  29-02-16  CRISIL AAA/Stable       
        09-02-18  CRISIL AAA/Stable               
Tier II Bond  LT  1750.00
06-12-18 
CRISIL AAA/Stable  12-09-18  CRISIL AAA/Stable  05-09-17  CRISIL AAA/Stable  07-07-16  CRISIL AAA/Stable  21-08-15  CRISIL AAA/Stable  CRISIL AAA/Stable 
        29-06-18  CRISIL AAA/Stable  11-07-17  CRISIL AAA/Stable  09-05-16  CRISIL AAA/Stable  15-05-15  CRISIL AAA/Stable   
        20-04-18  CRISIL AAA/Stable  13-06-17  CRISIL AAA/Stable  29-02-16  CRISIL AAA/Stable       
        09-02-18  CRISIL AAA/Stable               
Upper Tier II Bonds  LT  1600.00
06-12-18 
CRISIL AAA/Stable  12-09-18  CRISIL AAA/Stable  05-09-17  CRISIL AAA/Stable  07-07-16  CRISIL AAA/Stable  21-08-15  CRISIL AAA/Stable  CRISIL AAA/Stable 
        29-06-18  CRISIL AAA/Stable  11-07-17  CRISIL AAA/Stable  09-05-16  CRISIL AAA/Stable  15-05-15  CRISIL AAA/Stable   
        20-04-18  CRISIL AAA/Stable  13-06-17  CRISIL AAA/Stable  29-02-16  CRISIL AAA/Stable       
        09-02-18  CRISIL AAA/Stable               
Fund-based Bank Facilities  LT/ST  40059.88  CRISIL AAA/Stable/ CRISIL A1+  12-09-18  CRISIL AAA/Stable/ CRISIL A1+  05-09-17  CRISIL AAA/Stable/ CRISIL A1+  07-07-16  CRISIL AAA/Stable/ CRISIL A1+  21-08-15  CRISIL AAA/Stable/ CRISIL A1+  CRISIL AAA/Stable/ CRISIL A1+ 
        29-06-18  CRISIL AAA/Stable/ CRISIL A1+  11-07-17  CRISIL AAA/Stable/ CRISIL A1+  09-05-16  CRISIL AAA/Stable/ CRISIL A1+  15-05-15  CRISIL AAA/Stable/ CRISIL A1+   
        20-04-18  CRISIL AAA/Stable/ CRISIL A1+  13-06-17  CRISIL AAA/Stable/ CRISIL A1+  29-02-16  CRISIL AAA/Stable/ CRISIL A1+       
        09-02-18  CRISIL AAA/Stable/ CRISIL A1+               
All amounts are in Rs.Cr.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Long Term Bank Facility 29284.88 CRISIL AAA/Stable Long Term Bank Facility 29284.88 CRISIL AAA/Stable
Short Term Bank Facility 10775 CRISIL A1+ Short Term Bank Facility 10775 CRISIL A1+
Total 40059.88 -- Total 40059.88 --
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Finance Companies
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Companies based on Parent Support

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