Rating Rationale
March 28, 2018 | Mumbai
Power Finance Corporation Limited
'CRISIL AAA/Stable' assigned to Long-term borrowing programme; 'CRISIL A1+' assigned to Short term borrowing programme
Rating Action
Total Bank Loan Facilities Rated Rs.12000 Crore
Long Term Rating CRISIL AAA/Stable (Reaffirmed)
Rs.37000 Crore Long-Term Borrowing Programme~ CRISIL AAA/Stable (Assigned)
Rs.20000 Crore Short Term Borrowing programme~ CRISIL A1+ (Assigned)
Rs.64000 Crore Long-Term Borrowing Programme* CRISIL AAA/Stable (Reaffirmed)
Subordinated Non-Convertible Debentures Aggregating Rs.15000 Crore  CRISIL AAA/Stable (Reaffirmed)
Bonds Aggregating Rs.185943.4 Crore# CRISIL AAA/Stable (Reaffirmed)
Rs.20000 Crore Short Term Borrowing programme* CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
~Borrowing programme for fiscal 2019. Total incremental long-term bank borrowing and borrowings under the rated long-term bonds programme not to exceed Rs.37,000 crore at any point in time during the fiscal. The long-term borrowing programme includes tax-free bonds under Section 10 of the Income Tax Act.
*Borrowing programme for fiscal 2018. Total incremental long-term bank borrowing and borrowings under the rated long-term bonds programme not to exceed Rs.64,000 crore at any point in time during the fiscal. The long-term borrowing programme includes tax-free bonds under Section 10 of the Income Tax Act.
#Includes Rs 5000 crore of extra budgetary resources raised on behalf of Ministry of Power.
Detailed Rationale

CRISIL has assigned its 'CRISIL AAA/Stable' rating to the Rs 37000 crore long-term borrowing programme of Power Finance Corporation Ltd (PFC) and its 'CRISIL A1+' rating to the Rs 20,000 crore short-term borrowing programme of the company. CRISIL has also reaffirmed its ratings on PFC's existing debt instruments and bank facilities at 'CRISIL AAA/Stable/CRISIL A1+'.
The ratings continue to reflect the company's strategic importance to the Government of India (GoI) given its key role in financing the Indian power sector, and its majority ownership by GoI. The ratings also factor in its strong market position and adequate capitalisation and resource profile. These strengths are partially offset by inherent vulnerability in PFC's asset quality, and significant sectoral and customer concentration.

Key Rating Drivers & Detailed Description
* Strategic importance to and majority ownership by GoI
The company's high strategic importance to GoI is reflected in the role it plays in implementing government policies, and its importance in financing India's power sector, particularly state power utilities (SPUs). PFC is the nodal agency for the development of Ultra Mega Power Projects (UMPPs) and the Integrated Power Development Scheme (IPDS), and is also the bid process coordinator for the Independent Transmission Projects (ITP) scheme. The company plays a developmental role in channelling finance to meet the power sector's large funding requirement, particularly of State Power Utilities (SPUs), which constitute 65% of its portfolio. GoI remains the majority shareholder, with a stake of 66.4% as on December 31, 2017. The government supports the company financially and operationally in various ways, including conferring special status to raise capital gains tax exemption bonds. CRISIL believes that GoI has strong strategic reasons and a moral obligation to support PFC, both on an ongoing basis and in the event of distress, given the latter's role in implementing the government's power sector policies and GoI's majority ownership in the company.
* Dominant market position in the power financing segment
PFC plays an important role in the Indian power sector, not only by providing finance but also by implementing GoI's power sector policies. The company is the largest lender to the power sector with a share of over 20%, and plays a key role in channelling finance to SPUs. The share of SPUs in the loan book stood at 65% as on December 31, 2017 (66% as on March 31, 2017). Loans outstanding to SPUs stood at Rs 1.71 lakh crore as on December 31, 2017, as against Rs 1.61 lakh crore on March 31, 2017. Additionally, PFC is the nodal agency for UMPP and the IPDS.
* Adequate capitalisation
As on December 31, 2017, tier-I capital adequacy ratio (CAR) was 17.66%, overall CAR 20.75%, and networth (share capital and all reserves) Rs 39,716 crore, against 16.2%, 19.3% and Rs 36,470 crore, respectively as on March 31, 2017. Capitalisation is expected to remain adequate over the medium term, supported by a demonstrated ability to raise capital through public issues. The net worth to net NPA ratio was 7.5 times as on December 31, 2017 (1.4 times as on March 31, 2017). Accruals to networth is supported by ability to maintain good interest spreads and a low operating expense ratio. The return on assets ratio was 2.5% (annualised) in the first nine months of fiscal 2018 (0.84% in fiscal 2017). However, profitability will remain susceptible to increase in credit costs because of weakening in asset quality in the private sector exposures.
* Adequate resource profile
Borrowing costs are competitive and the resource base, though wholesale, is diversified. The debt instruments have wide market acceptability and borrowing is typically at low spreads over government securities. The cost of borrowing is lower than that of peers, and was 8.1% for fiscal 2017 (8.3% for fiscal 2016). The resource profile mainly comprises of bonds (89%), while short-term loans form 6% of the total resource pool. The company also has access to foreign currency borrowing, which comprised 6% of the total resources as on December 31, 2017 (4% as on March 31, 2017). It hedges only a limited portion of its foreign currency borrowing based on its board-approved policy. The company has also received government approval to raise capital gain bonds under Section 54 EC; which should further support the resource profile.
In fiscal 2017, extra budgetary resources of Rs 5000 crore were raised on behalf of the Ministry of Power, GoI. These bonds will be used to augment infrastructure funding and will be fully serviced by the government through the general budget; hence, a separate government guarantee was not required for issue of these bonds. In its analytical treatment, CRISIL has assumed that PFC will ensure the bonds are serviced on time.
* Inherent vulnerability in asset quality, and significant sectoral and customer concentration
PFC's asset quality remains inherently vulnerable to the weak credit risk profiles of borrowers. The company caters only to the power sector, with 66% of its advances to SPUs (including generation, transmission, and discoms). SPUs, especially discoms, are an inherently weak asset class because of their poor financial risk profiles. Loans to discoms accounted for 20% of overall advances, including transition funding. Effective execution of various reform measures is extremely critical for SPUs to produce the desired positive impact, and broad-based political consensus is necessary to implement the much-needed tariff increases to ensure sustained improvement in the performance of SPUs. 
PFC also has 17% exposure to private sector power players, which has increasingly become more vulnerable to asset quality risks owing to issues such as lack of fuel availability, inability to pass on fuel price increases, and absence of long-term power purchase agreements for assured power offtake. Restructured standard assets in the private sector book stood at Rs 15,500 crore as on December 31, 2017; this segment is likely to witness slippages over the next couple of quarters. The revised guidelines issued by the Reserve Bank of India for recognition of stressed assets, while not directly applicable to PFC, could also impact loans which are in consortium with banks.
Reported asset quality numbers came under considerable pressure in the last quarter of fiscal 2017 owing to change in policy wherein PFC was required to align with RBI restructuring norms retrospectively with effect from Apirl 1st, 2015. Owing to this restructuring, around Rs 59,000 crores of loan assets got downgraded of which around Rs. 36,000 crores got downgraded to restructured assets and Rs.23,300 crores to NPAs. Reported gross NPAs (GNPAs), hence, increased drastically to 12.5% as on March 31, 2017 from 3.2% a year ago.
However, all of these downgraded accounts had been paying dues regularly, and a majority of them were expected to be upgraded over fiscal 2018. The management had indicated at the start of fiscal 2018 that out of the Rs 30702 crores of outstanding NPAs as on March 31, 2017, Rs 18501 crores were expected to be upgraded by March 2018. As of December 31, 2017 Rs 15725 crore of accounts were upgraded, bringing down GNPAs to 5.71% from 12.5% as on March 31, 2017.
Outlook: Stable

CRISIL believes GoI will retain its majority stake in PFC, which will continue to play a critical role in implementing government policies related to financing the Indian power sector, over the medium term. The company is also likely to retain its strong position in the infrastructure-financing segment, while maintaining healthy capitalisation. Any reduction in PFC's strategic importance to, and attendant support from, GoI, or significant deterioration in asset quality may result in an outlook revision to 'Negative'.

About the Company

PFC was established in 1986 by GoI as an institution dedicated to funding and developing the power sector in India. Until 1996, it lent exclusively to public sector entities. Since then, it has expanded its customer profile to include private sector power utilities and projects. PFC aims to promote balanced and integrated development of the power sector by providing finance to low-cost, efficient, and reliable projects.
PFC reported a PAT of Rs 4920 crore on a total income (net of interest expense) of Rs 7538 crore for the nine months ended December 31, 2017 (Rs 5536 crore on a total income of Rs 8889 crore for the same period last year). The loan book portfolio stood at Rs 2.6 lakh crore as on December 31, 2017, marginally higher than that on March 31, 2017.

Key Financial Indicators
As on / for the  nine months ended December 31, Unit 2017 2016
Total Assets Rs. Cr. 273123  246506
Total income Rs. Cr. 20361 21221
Profit after tax Rs. Cr. 4920 5536
Gross NPA % 5.71 3.08
Overall capital adequacy ratio  % 20.75 19.15

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 Name of Instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs.Cr) Rating Assigned
with outlook
INE134E08FT5 Subordinated debt issue 14-Jun-13 8.19% 14-Jun-23 800.0 CRISIL AAA/Stable
INE134E08FW9 Subordinated debt issue 13-Jan-14 9.65% 13-Jan-24 1,000.0 CRISIL AAA/Stable
INE134E08FX7 Subordinated debt issue 21-Feb-14 9.70% 21-Feb-24 2,000.0 CRISIL AAA/Stable
INE134E08693 Institutional bonds 30-Dec-02 8.10% 30-Dec-22 750.0 CRISIL AAA/Stable
INE134E08925 Institutional bonds 31-May-06 8.85% 31-May-21 600.0 CRISIL AAA/Stable
INE134E08AT6 Institutional bonds 9-Jun-08 9.68% 9-Jun-18 780.7 CRISIL AAA/Stable
INE134E08AW0 Institutional bonds 15-Jul-08 10.55% 15-Jul-18 259.7 CRISIL AAA/Stable
INE134E08AY6 Institutional bonds 11-Aug-08 10.85% 11-Aug-18 428.6 CRISIL AAA/Stable
INE134E08BE6 Institutional bonds 15-Sep-08 11.00% 15-Sep-18 3,024.4 CRISIL AAA/Stable
INE134E08BH9 Institutional bonds 28-Nov-08 11.25% 28-Nov-18 1,950.6 CRISIL AAA/Stable
INE134E08BO5 Institutional bonds 7-Aug-09 8.60% 7-Aug-19 866.5 CRISIL AAA/Stable
INE134E08BP2 Institutional bonds 7-Aug-09 8.60% 7-Aug-24 866.5 CRISIL AAA/Stable
INE134E08BT4 Institutional bonds 15-Oct-09 8.80% 15-Oct-19 1,216.6 CRISIL AAA/Stable
INE134E08CK1 Institutional bonds 20-Nov-09 1YINCMTBMK+179 bps (floating rate) 20-Nov-19 925.0 CRISIL AAA/Stable
INE134E08CM7 Institutional bonds 15-Dec-09 8.50% 15-Dec-19 351.0 CRISIL AAA/Stable
INE134E08CN5 Institutional bonds 15-Dec-09 8.50% 15-Dec-24 351.0 CRISIL AAA/Stable
INE134E08CO3 Institutional bonds 15-Jan-10 8.70% 15-Jan-20 845.4 CRISIL AAA/Stable
INE134E08CP0 Institutional bonds 15-Jan-10 8.80% 15-Jan-25 1,172.6 CRISIL AAA/Stable
INE134E08CR6 Institutional bonds 15-Mar-10 8.90% 15-Mar-20 184.0 CRISIL AAA/Stable
INE134E08CS4 Institutional bonds 15-Mar-10 8.90% 15-Mar-25 184.0 CRISIL AAA/Stable
INE134E08CU0 Institutional bonds 30-Mar-10 8.95% 30-Mar-20 492.0 CRISIL AAA/Stable
INE134E08CV8 Institutional bonds 30-Mar-10 8.95% 30-Mar-25 492.0 CRISIL AAA/Stable
INE134E08CX4 Institutional bonds 14-May-10 8.70% 14-May-20 1,337.5 CRISIL AAA/Stable
INE134E08CY2 Institutional bonds 14-May-10 8.70% 14-May-25 1,337.5 CRISIL AAA/Stable
INE134E08CZ9 Institutional bonds 15-Jun-10 8.65% 15-Jun-20 500.0 CRISIL AAA/Stable
INE134E08DA0 Institutional bonds 15-Jun-10 8.75% 15-Jun-25 1,532.0 CRISIL AAA/Stable
INE134E08DB8 Institutional bonds 15-Jun-10 8.85% 15-Jun-30 633.0 CRISIL AAA/Stable
INE134E08DE2 Institutional bonds 4-Aug-10 8.70% 15-Jul-20 1,424.0 CRISIL AAA/Stable
INE134E08DG7 Institutional bonds 15-Nov-10 8.78% 15-Nov-20 1,549.0 CRISIL AAA/Stable
INE134E08DH5 Institutional bonds 15-Dec-10 9.05% 15-Dec-20 192.7 CRISIL AAA/Stable
INE134E08DI3 Institutional bonds 15-Dec-10 9.05% 15-Dec-25 192.7 CRISIL AAA/Stable
INE134E08DJ1 Institutional bonds 15-Dec-10 9.05% 15-Dec-30 192.7 CRISIL AAA/Stable
INE134E08DK9 Institutional bonds# 14-Jan-11 8.97% 15-Jan-18 144.0 CRISIL AAA/Stable
INE134E08DL7 Institutional bonds 14-Jan-11 8.99% 15-Jan-21 1,219.0 CRISIL AAA/Stable
INE134E08DM5 Institutional bonds 15-Apr-11 9.18% 15-Apr-21 1,000.0 CRISIL AAA/Stable
INE134E08DN3 Institutional bonds 9-Jun-11 9.70% 9-Jun-21 1,693.2 CRISIL AAA/Stable
INE134E08DQ6 Institutional bonds 29-Jun-11 9.61% 29-Jun-21 2,084.7 CRISIL AAA/Stable
INE134E08DR4 Institutional bonds 1-Aug-11 9.36% 1-Aug-21 2,589.4 CRISIL AAA/Stable
INE134E08DS2 Institutional bonds 1-Aug-11 9.46% 1-Aug-26 1,105.0 CRISIL AAA/Stable
INE134E08DU8 Institutional bonds 1-Sep-11 9.45% 1-Sep-26 2,568.0 CRISIL AAA/Stable
INE134E08DW4 Institutional bonds 23-Sep-11 9.44% 23-Sep-21 1,180.0 CRISIL AAA/Stable
INE134E07117 Institutional bonds 15-Oct-11 7.51% 15-Oct-21 205.2 CRISIL AAA/Stable
INE134E07125 Institutional bonds 15-Oct-11 7.75% 15-Oct-26 218.0 CRISIL AAA/Stable
INE134E07133 Institutional bonds 25-Nov-11 8.09% 25-Nov-21 334.3 CRISIL AAA/Stable
INE134E07141 Institutional bonds 25-Nov-11 8.16% 25-Nov-26 209.3 CRISIL AAA/Stable
INE134E08EA8 Institutional bonds 15-Dec-11 9.70% 15-Dec-18 2,060.0 CRISIL AAA/Stable
INE134E08EG5 Institutional bonds 6-Mar-12 9.30% 15-Apr-20 79.5 CRISIL AAA/Stable
INE134E08EH3 Institutional bonds 6-Mar-12 9.26% 15-Apr-23 736.0 CRISIL AAA/Stable
INE134E08EL5 Institutional bonds 20-Mar-12 9.42% 20-Mar-20 650.8 CRISIL AAA/Stable
INE134E08EO9 Institutional bonds 28-Mar-12 9.48% 15-Apr-22 184.7 CRISIL AAA/Stable
INE134E08EU6 Institutional bonds 29-Jun-12 9.39% 29-Jun-22 2,695.2 CRISIL AAA/Stable
INE134E08EX0 Institutional bonds 21-Aug-12 9.29% 21-Aug-22 640.0 CRISIL AAA/Stable
INE134E07299 Institutional bonds 22-Nov-12 7.21% 22-Nov-22 255.0 CRISIL AAA/Stable
INE134E07307 Institutional bonds 22-Nov-12 7.38% 22-Nov-27 25.0 CRISIL AAA/Stable
INE134E07315 Institutional bonds 29-Nov-12 7.22% 29-Nov-22 30.0 CRISIL AAA/Stable
INE134E07323 Institutional bonds 29-Nov-12 7.38% 29-Nov-27 100.0 CRISIL AAA/Stable
INE134E08FD9 Institutional bonds# 8-Feb-13 8.72% 8-Feb-18 324.0 CRISIL AAA/Stable
INE134E08FE7 Institutional bonds 8-Feb-13 8.72% 8-Feb-19 324.0 CRISIL AAA/Stable
INE134E08FF4 Institutional bonds# 20-Feb-13 8.77% 20-Feb-18 2.0 CRISIL AAA/Stable
INE134E08FG2 Institutional bonds 20-Feb-13 8.82% 20-Feb-20 733.0 CRISIL AAA/Stable
INE134E08FI8 Institutional bonds 4-Mar-13 8.86% 4-Mar-20 54.3 CRISIL AAA/Stable
INE134E08FJ6 Institutional bonds 4-Mar-13 8.84% 4-Mar-23 1,310.0 CRISIL AAA/Stable
INE134E08FK4# Institutional bonds 11-Mar-13 8.95% 11-Mar-18 3,201.0 CRISIL AAA/Stable
INE134E08FL2 Institutional bonds 11-Mar-13 9.00% 11-Mar-28 1,370.0 CRISIL AAA/Stable
INE134E08FM0 Institutional bonds# 18-Mar-13 8.90% 18-Mar-18 403.0 CRISIL AAA/Stable
INE134E08FN8 Institutional bonds 18-Mar-13 8.90% 18-Mar-23 403.0 CRISIL AAA/Stable
INE134E08FO6 Institutional bonds 18-Mar-13 8.90% 18-Mar-28 403.0 CRISIL AAA/Stable
INE134E08FP3 Institutional bonds 18-Mar-13 8.87% 18-Mar-23 70.0 CRISIL AAA/Stable
INE134E08FQ1 Institutional bonds 25-Mar-13 8.94% 25-Mar-28 2,807.0 CRISIL AAA/Stable
INE134E07372 Institutional bonds 30-Aug-13 8.01% 30-Aug-23 113.0 CRISIL AAA/Stable
INE134E07380 Institutional bonds 30-Aug-13 8.46% 30-Aug-28 1,011.1 CRISIL AAA/Stable
INE134E07406 Institutional bonds 7-Oct-13 9.81% 7-Oct-18 4,500.0 CRISIL AAA/Stable
INE134E07489 Institutional bonds 31-Jan-14 9.70% 31-Jan-19 270.0 CRISIL AAA/Stable
INE134E07497 Institutional bonds 31-Jan-14 9.70% 31-Jan-20 270.0 CRISIL AAA/Stable
INE134E07505 Institutional bonds 31-Jan-14 9.70% 31-Jan-21 270.0 CRISIL AAA/Stable
INE134E07513 Institutional bonds 3-Mar-14 9.69% 2-Mar-19 2,240.0 CRISIL AAA/Stable
INE134E08FZ2 Institutional bonds 7-Jul-14 9.15% 7-Jul-19 100.0 CRISIL AAA/Stable
INE134E08GA3 Institutional bonds 7-Jul-14 9.20% 7-Jul-21 700.0 CRISIL AAA/Stable
INE134E08GD7 Institutional bonds 19-Aug-14 9.37% 19-Aug-24 855.0 CRISIL AAA/Stable
INE134E08GF2 Institutional bonds 27-Aug-14 9.39% 27-Aug-19 460.0 CRISIL AAA/Stable
INE134E08GG0 Institutional bonds 27-Aug-14 9.39% 27-Aug-24 460.0 CRISIL AAA/Stable
INE134E08GH8 Institutional bonds 27-Aug-14 9.39% 27-Aug-29 460.0 CRISIL AAA/Stable
INE134E08GJ4 Institutional bonds 17-Sep-14 9.32% 17-Sep-19 1,591.0 CRISIL AAA/Stable
INE134E08GK2 Institutional bonds 8-Oct-14 8.98% 8-Oct-24 961.0 CRISIL AAA/Stable
INE134E08GL0 Institutional bonds 8-Oct-14 8.98% 8-Oct-24 950.0 CRISIL AAA/Stable
INE134E08GN6 Institutional bonds 21-Oct-14 8.96% 21-Oct-19 1,100.0 CRISIL AAA/Stable
INE134E08GO4 Institutional bonds 7-Nov-14 8.76% 7-Nov-19 1,000.0 CRISIL AAA/Stable
INE134E08GQ9 Institutional bonds 28-Nov-14 8.65% 28-Nov-19 836.0 CRISIL AAA/Stable
INE134E08GR7 Institutional bonds 28-Nov-14 8.66% 27-Nov-21 200.0 CRISIL AAA/Stable
INE134E08GS5 Institutional bonds 9-Dec-14 8.52% 9-Dec-19 1,220.0 CRISIL AAA/Stable
INE134E08GT3 Institutional bonds 9-Dec-14 8.55% 9-Dec-21 1,200.0 CRISIL AAA/Stable
INE134E08GU1 Institutional bonds 9-Dec-14 8.48% 9-Dec-24 1,000.0 CRISIL AAA/Stable
INE134E08GV9 Institutional bonds 29-Dec-14 8.65% 28-Dec-24 2,826.0 CRISIL AAA/Stable
INE134E08GW7 Institutional bonds 5-Jan-15 8.65% 4-Jan-25 5,000.0 CRISIL AAA/Stable
INE134E08GX5 Institutional bonds 26-Feb-15 8.36% 26-Feb-20 4,440.0 CRISIL AAA/Stable
INE134E08GY3 Institutional bonds 10-Mar-15 8.20% 10-Mar-25 1,600.0 CRISIL AAA/Stable
INE134E08GZ0 Institutional bonds 13-Mar-15 8.29% 13-Jun-18 980.0 CRISIL AAA/Stable
INE134E08HA1 Institutional bonds 13-Mar-15 8.29% 13-Jun-18 100.0 CRISIL AAA/Stable
INE134E08HB9 Institutional bonds 19-Mar-15 8.40% 19-Jun-18 1,175.0 CRISIL AAA/Stable
INE134E08HC7 Institutional bonds 19-Mar-15 8.42% 18-Apr-20 200.0 CRISIL AAA/Stable
INE134E08HD5 Institutional bonds 19-Mar-15 8.39% 19-Apr-25 925.0 CRISIL AAA/Stable
INE134E08HE3 Institutional bonds 27-Mar-15 8.34% 27-Apr-18 100.0 CRISIL AAA/Stable
INE134E08HF0 Institutional bonds 27-Mar-15 8.38% 27-Apr-20 1,350.0 CRISIL AAA/Stable
INE134E08HG8 Institutional bonds 27-Mar-15 8.41% 27-Mar-25 5,000.0 CRISIL AAA/Stable
INE134E08HH6 Institutional bonds 16-Apr-15 8.03% 9-Apr-18 272.0 CRISIL AAA/Stable
INE134E08HI4 Institutional bonds 16-Apr-15 8.09% 16-May-18 200.0 CRISIL AAA/Stable
INE134E08HM6 Institutional bonds 28-May-15 8.39% 28-May-18 1,500.0 CRISIL AAA/Stable
INE134E08HN4 Institutional bonds 29-Jun-15 8.40% 29-Jun-18 1,210.0 CRISIL AAA/Stable
INE134E08HO2 Institutional bonds 29-Jun-15 8.50% 29-Jun-19 1,500.0 CRISIL AAA/Stable
INE134E07521 Institutional bonds 17-Jul-15 7.16% 17-Jul-25 300.0 CRISIL AAA/Stable
INE134E08HP9 Institutional bonds 24-Jul-15 8.53% 24-Jul-20 2,700.0 CRISIL AAA/Stable
INE134E08HQ7 Institutional bonds 10-Aug-15 8.45% 10-Aug-20 1,000.0 CRISIL AAA/Stable
INE134E08HT1 Institutional bonds 19-Aug-15 8.17% 18-Aug-18 800.0 CRISIL AAA/Stable
INE134E08HU9 Institutional bonds 4-Sep-15 8.28% 4-Sep-18 1,930.0 CRISIL AAA/Stable
INE134E08HV7 Institutional bonds 4-Sep-15 8.36% 4-Sep-20 1,250.0 CRISIL AAA/Stable
INE134E08HW5 Institutional bonds 18-Sep-15 8.46% 18-Sep-20 1,000.0 CRISIL AAA/Stable
INE134E08HX3 Institutional bonds 18-Sep-15 8.40% 18-Sep-25 1,000.0 CRISIL AAA/Stable
INE134E08HZ8 Institutional bonds 21-Oct-15 8.00% 22-Oct-18 1,000.0 CRISIL AAA/Stable
INE134E08IA9 Institutional bonds 28-Jan-16 8.12% 28-Feb-19 700.0 CRISIL AAA/Stable
INE134E08IC5 Institutional bonds 13-Apr-16 7.85% 15-Apr-19 2,928.0 CRISIL AAA/Stable
INE134E08ID3 Institutional bonds 27-Apr-16 8.05% 27-Apr-21 300.0 CRISIL AAA/Stable
INE134E08IE1 Institutional bonds 2-May-16 8.03% 2-May-26 1,000.0 CRISIL AAA/Stable
INE134E08IF8 Institutional bonds 13-May-16 7.95% 13-May-19 1,915.0 CRISIL AAA/Stable
INE134E08IG6 Institutional bonds 31-May-16 8.04% 30-May-20 100.0 CRISIL AAA/Stable
INE134E08IH4 Institutional bonds 16-Aug-16 7.50% 16-Aug-21 2,660.0 CRISIL AAA/Stable
INE134E08II2 Institutional bonds 16-Aug-16 7.63% 14-Aug-26 1,675.0 CRISIL AAA/Stable
INE134E08IJ0 Institutional bonds 16-Sep-16 7.47% 16-Sep-21 2,260.0 CRISIL AAA/Stable
INE134E08IK8 Institutional bonds 16-Sep-16 7.56% 16-Sep-26 210.0 CRISIL AAA/Stable
INE134E08IL6 Institutional bonds 26-Sep-16 7.55% 25-Sep-26 4,000.0 CRISIL AAA/Stable
INE134E08IM4 Institutional bonds 30-Sep-16 7.40% 30-Sep-21 1,830.0 CRISIL AAA/Stable
INE134E08IN2 Institutional bonds 22-Dec-16 7.27% 22-Dec-21 1,101.0 CRISIL AAA/Stable
INE134E08IO0 Institutional bonds 5-Jan-17 7.23% 5-Jan-27 2,635.0 CRISIL AAA/Stable
INE134E08IP7 Institutional bonds 11-Jan-17 7.10% 11-Jan-27 200.0 CRISIL AAA/Stable
INE134E08IQ5 Institutional bonds 17-Jan-17 6.83% 15-Apr-20 2,000.0 CRISIL AAA/Stable
INE134E08IR3 Institutional bonds 20-Jan-17 7.18% 20-Jan-27 1,335.0 CRISIL AAA/Stable
INE134E08IS1 Institutional bonds 15-Feb-17 7.05% 15-May-20 2,551.0 CRISIL AAA/Stable
INE134E08IT9 Institutional bonds 20-Feb-17 7.60% 20-Feb-27 1,465.0 CRISIL AAA/Stable
INE134E08IU7 Institutional bonds 6-Mar-17 6.90% 16-Jul-18 1,850.0 CRISIL AAA/Stable
INE134E08IV5 Institutional bonds 7-Mar-17 6.90% 16-Jul-18 1,060.0 CRISIL AAA/Stable
INE134E08IW3 Institutional bonds 17-Mar-17 7.50% 17-Sep-20 2,435.0 CRISIL AAA/Stable
INE134E08IX1 Institutional bonds 22-Mar-17 7.75% 22-Mar-27 2,000.0 CRISIL AAA/Stable
INE134E08IY9 Institutional bonds 27-Mar-17 7.42% 26-Jun-20 3,605.0 CRISIL AAA/Stable
INE134E07075 Infrastructure Bonds 31-Mar-11 8.30% 31-Mar-21 50.0 CRISIL AAA/Stable
INE134E07083 Infrastructure Bonds 31-Mar-11 8.30% 31-Mar-21 109.1 CRISIL AAA/Stable
INE134E07091 Infrastructure Bonds 31-Mar-11 8.50% 31-Mar-26 6.1 CRISIL AAA/Stable
INE134E07109 Infrastructure Bonds 31-Mar-11 8.50% 31-Mar-26 22.7 CRISIL AAA/Stable
INE134E07158 Infrastructure Bonds 21-Nov-11 8.50% 21-Nov-21 21.8 CRISIL AAA/Stable
INE134E07166 Infrastructure Bonds 21-Nov-11 8.50% 21-Nov-21 36.3 CRISIL AAA/Stable
INE134E07174 Infrastructure Bonds 21-Nov-11 8.75% 21-Nov-26 3.2 CRISIL AAA/Stable
INE134E07182 Infrastructure Bonds 21-Nov-11 8.75% 21-Nov-26 8.8 CRISIL AAA/Stable
INE134E07216 Infrastructure Bonds 30-Mar-12 8.43% 30-Mar-22 7.4 CRISIL AAA/Stable
INE134E07224 Infrastructure Bonds 30-Mar-12 8.43% 30-Mar-22 15.5 CRISIL AAA/Stable
INE134E07232 Infrastructure Bonds 30-Mar-12 8.72% 30-Mar-27 0.9 CRISIL AAA/Stable
INE134E07240 Infrastructure Bonds 30-Mar-12 8.72% 30-Mar-27 2.8 CRISIL AAA/Stable
INE134E07190 Tax-Free Bonds 1-Feb-12 8.20% 1-Feb-22 2,752.5 CRISIL AAA/Stable
INE134E07208 Tax-Free Bonds 1-Feb-12 8.30% 1-Feb-27 1,280.6 CRISIL AAA/Stable
INE134E07331 Tax-Free Bonds 4-Jan-13 7.19% 4-Jan-23 185.9 CRISIL AAA/Stable
INE134E07331 Tax-Free Bonds 4-Jan-13 7.69% 4-Jan-23 156.9 CRISIL AAA/Stable
INE134E07349 Tax-Free Bonds 4-Jan-13 7.36% 4-Jan-28 150.1 CRISIL AAA/Stable
INE134E07349 Tax-Free Bonds 4-Jan-13 7.86% 4-Jan-28 206.9 CRISIL AAA/Stable
INE134E07356 Tax-Free Bonds 28-Mar-13 6.88% 28-Mar-23 50.1 CRISIL AAA/Stable
INE134E07356 Tax-Free Bonds 28-Mar-13 7.38% 28-Mar-23 46.0 CRISIL AAA/Stable
INE134E07364 Tax-Free Bonds 28-Mar-13 7.04% 28-Mar-28 6.1 CRISIL AAA/Stable
INE134E07364 Tax-Free Bonds 28-Mar-13 7.54% 28-Mar-28 63.1 CRISIL AAA/Stable
INE134E07414 Tax-Free Bonds 16-Nov-13 8.18% 16-Nov-23 325.1 CRISIL AAA/Stable
INE134E07422 Tax-Free Bonds 16-Nov-13 8.43% 16-Nov-23 335.5 CRISIL AAA/Stable
INE134E07430 Tax-Free Bonds 16-Nov-13 8.54% 16-Nov-28 932.7 CRISIL AAA/Stable
INE134E07448 Tax-Free Bonds 16-Nov-13 8.79% 16-Nov-28 353.3 CRISIL AAA/Stable
INE134E07455 Tax-Free Bonds 16-Nov-13 8.67% 16-Nov-33 1,067.4 CRISIL AAA/Stable
INE134E07463 Tax-Free Bonds 16-Nov-13 8.92% 16-Nov-33 862.0 CRISIL AAA/Stable
INE134E07539 Tax-Free Bonds 17-Oct-15 7.11% 17-Oct-25 75.1 CRISIL AAA/Stable
INE134E07547 Tax-Free Bonds 17-Oct-15 7.36% 17-Oct-25 79.3 CRISIL AAA/Stable
INE134E07554 Tax-Free Bonds 17-Oct-15 7.27% 17-Oct-30 131.3 CRISIL AAA/Stable
INE134E07562 Tax-Free Bonds 17-Oct-15 7.52% 17-Oct-30 45.2 CRISIL AAA/Stable
INE134E07570 Tax-Free Bonds 17-Oct-15 7.35% 17-Oct-35 213.6 CRISIL AAA/Stable
INE134E07588 Tax-Free Bonds 17-Oct-15 7.60% 17-Oct-35 155.5 CRISIL AAA/Stable
INE134E08IZ6 Institutional bonds* 5-May-17 7.46% 5-Jun-20 1,180.0 CRISIL AAA/Stable
INE134E08JA7 Institutional bonds* 30-May-17 7.30% 30-Jun-20 1,560.0 CRISIL AAA/Stable
INE134E08JB5 Institutional bonds* 12-Jun-17 7.28% 10-Jun-22 1,950.0 CRISIL AAA/Stable
INE134E08JC3 Institutional bonds* 12-Jun-17 7.44% 11-Jun-27 1,540.0 CRISIL AAA/Stable
INE134E08JD1 Institutional bonds* 8-Aug-17 7.10% 8-Aug-22 3,395.0 CRISIL AAA/Stable
INE134E08JE9 Institutional bonds* 8-Aug-17 7.30% 7-Aug-27 1,500.0 CRISIL AAA/Stable
INE134E08JF6 Institutional bonds* 22-Nov-17 7.35% 22-Nov-22 800.0 CRISIL AAA/Stable
INE134E08JG4 Institutional bonds* 22-Nov-17 7.65% 22-Nov-27 2,001.0 CRISIL AAA/Stable
INE134E08JH2 Institutional bonds* 15-Dec-17 7.62% 15-Dec-27 5,000.0 CRISIL AAA/Stable
INE134E07596 Institutional bonds* 31-Jul-17 5.25% 31-Jul-20 18.3 CRISIL AAA/Stable
INE134E07604 Institutional bonds* 31-Aug-17 5.25% 31-Aug-20 13.9 CRISIL AAA/Stable
INE134E07612 Institutional bonds* 30-Sep-17 5.25% 30-Sep-20 20.5 CRISIL AAA/Stable
INE134E07620 Institutional bonds* 31-Oct-17 5.25% 31-Oct-20 20.5 CRISIL AAA/Stable
INE134E07638 Institutional bonds* 30-Nov-17 5.25% 30-Nov-20 33.5 CRISIL AAA/Stable
INE134E07646 Institutional bonds* 31-Dec-17 5.25% 31-Dec-20 33.8 CRISIL AAA/Stable
NA Term loan 1 31-Mar-17 NA 30-Apr-18 1,500.0 CRISIL AAA/Stable
NA Term loan 2 31-Mar-17 NA 30-Apr-18 500.0 CRISIL AAA/Stable
NA Long-term borrowing programme*^ NA NA NA 44,933.5 CRISIL AAA/Stable
NA Short-term borrowing programme* NA NA 7-365 days 20,000.0 CRISIL A1+
NA Long-term borrowing programme~^ NA NA NA 37,000.0 CRISIL AAA/Stable
NA Short-term borrowing programme~ NA NA 7-365 days 20,000.0 CRISIL A1+
NA Cash credit** NA NA NA 10,000.0 CRISIL AAA/Stable
NA Subordinated debt issue^ NA NA NA 11,200.0 CRISIL AAA/Stable
NA Institutional Bonds# NA NA NA 15,202.0 CRISIL AAA/Stable
^Not yet issued
*Part of borrowing programme for fiscal 2018
~Part of borrowing programme for fiscal 2018
# CRISIL is awaiting independent confirmation of redemption before withdrawing ratings on these instruments
**Limit for working capital'working capital demand loan/overdraft facility/cash credit/line of credit/bank guarantee. Limit includes long-term and short-term facilities. Total working capital borrowing not to exceed board-approved limit of Rs 10,000 crore. However, quantum of sanctioned working capital facilities may be different from the Board-approved limit for outstanding working capital borrowing.
Annexure - Rating History for last 3 Years
  Current 2018 (History) 2017  2016  2015  Start of 2015
Instrument Type Quantum Rating Date Rating Date Rating Date Rating Date Rating Rating
Bond  LT  185943.3  CRISIL AAA/Stable    No Rating Change    No Rating Change    No Rating Change    No Rating Change  CRISIL AAA/Stable 
Long-Term Borrowing Programme  LT  101000  CRISIL AAA/Stable    No Rating Change    No Rating Change    No Rating Change    No Rating Change  CRISIL AAA/Stable 
Short Term Borrowing programme  ST  40000  CRISIL A1+    No Rating Change    No Rating Change    No Rating Change    No Rating Change  CRISIL A1+ 
Subordinated Non-Convertible Debentures  LT  15000  CRISIL AAA/Stable    No Rating Change    No Rating Change    No Rating Change    No Rating Change  CRISIL AAA/Stable 
Fund-based Bank Facilities  LT/ST  12000  CRISIL AAA/Stable    No Rating Change    No Rating Change    No Rating Change    No Rating Change  CRISIL AAA/Stable 
Table reflects instances where rating is changed or freshly assigned. 'No Rating Change' implies that there was no rating change under the release.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Cash Credit** 10000 CRISIL AAA/Stable Cash Credit** 10000 CRISIL AAA/Stable
Term Loan 2000 CRISIL AAA/Stable Term Loan 2000 CRISIL AAA/Stable
-- 0 -- Term Loan 11000 Withdrawal
Total 12000 -- Total 23000 --
**Limit for working capital'working capital demand loan/overdraft facility/cash credit/line of credit/bank guarantee. Limit includes long-term and short-term facilities. Total working capital borrowing not to exceed board-approved limit of Rs 10,000 crore. However, quantum of sanctioned working capital facilities may be different from the Board-approved limit for outstanding working capital borrowing.
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Banks and Financial Institutions
Criteria for Notching up Stand Alone Ratings of Entities Based on Government Support

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