Rating Rationale
October 08, 2020 | Mumbai
REC Limited
'CRISIL AAA/Stable' assigned to Perpetual Non Convertible Debentures
 
Rating Action
Rs.3000 Crore Perpetual Non Convertible Debentures^# CRISIL AAA/Stable (Assigned)
Rs.100000 Crore Long-Term Borrowing Programme^# CRISIL AAA/Stable (Reaffirmed)
Rs.15000 Crore Bond@@ CRISIL AAA/Stable (Reaffirmed)
Long-Term Borrowing Programme Aggregating Rs.239081.5 Crore**$ (Reduced from Rs.251820.9 Crore) CRISIL AAA/Stable (Reaffirmed)
Rs.1000 Crore Long Term Principal Protected Market Linked Debentures^# CRISIL PP-MLD AAAr/Stable (Reaffirmed)
Rs.10000 Crore Short Term Borrowing programme^@ CRISIL A1+ (Reaffirmed)
Rs.12000 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 2021 (refers to financial year, April 1 to March 31). The overall limit for the long-term borrowing programme and the short-term borrowing programme is Rs.110000.0 crore.
#Total incremental long-term bank borrowing and borrowings under the rated long-term bonds programme not to exceed Rs.100000.0 crore any point in time during fiscal 2021.
@ Short-term bank borrowing including total short-term bank borrowing and borrowing under the rated short-term debt programme (including commercial paper) not to exceed Rs.10000.0 crore at any point during fiscal 2021.It also includes commercial paper limit not exceeding Rs 4000 crore at any point during fiscal 2021
&Borrowing programme for fiscal 2020
** Includes Rs.9259.30 crore of extra budgetary resources raised by REC on behalf of Ministry of Power
$Past year's borrowing programme
@@ GOI Fully serviced bonds
Note: Institutional bonds, 54EC Capital Gain Tax Exemption Bonds, Tax free bonds, Zero coupon bonds, infrastructure bonds and term loans from banks/financial institution are part of long-term borrowing programme
Detailed Rationale

CRISIL has assigned its 'CRISIL AAA/Stable' rating to the Rs 3,000 crore Perpetual Non-Convertible Debentures of REC Limited (REC). CRISIL has also reaffirmed its ratings on the existing long term & short term debt programmes and other debt instruments of REC at 'CRISIL AAA/CRISIL PP-MLD AAAr/Stable/CRISIL A1+'. 
 
CRISIL has withdrawn its rating on bonds and term loans aggregating Rs 12739.4 crore on the company's request as the outstanding against the same is nil and on receipt of confirmation from debenture trustee and bank, respectively (See Annexure 'Details of Rating Withdrawn' for details). The withdrawal is in line with CRISIL's withdrawal policy.
 
The rating on the perpetual non-convertible debentures reflects REC's philosophy maintaining a comfortable buffer of 250-300 basis points (bps) on a standalone basis over the regulatory capital requirement on a steady state basis. In the past, REC had maintained a cushion of around 400-500 bps over the regulatory requirement of 15% for overall capital adequacy ratio (CAR) for NBFC-IFCs. However, the same has come down in the past few fiscals particularly in fiscal 2020 wherein profitability and thereby internal accruals were impacted due to forex related losses.
 
As of June 30, 2020, on a standalone basis, REC had a Tier I and Overall CAR of 13.4% and 16.9%, respectively (13.2% and 16.1%, respectively, as on March 31, 2020). Nevertheless, the company's accruals continue to remain healthy with an average return on equity of 17% for the five fiscals ended March 31, 2020. Also, there is enough headroom available to raise Tier II capital as well as Tier I capital in the form of perpetual bonds. CRISIL has also factored in expectation of strong support from Government of India (GoI), albeit via the parent, Power Finance Corporation (PFC; rated CRISIL AAA/Stable/CRISIL A1+), if the need arises.
 
Any adverse impact on the capital ratios will have a consequent impact on the rating for such instruments and remains a key monitorable (see CRISIL publication 'CRISIL Criteria for Rating Hybrid Instruments Issued by NBFCs/HFCs' dated December 2019 for details on CRISIL's approach for rating such instruments).
 
From an industry perspective, the Reserve Bank of India (RBI) had announced regulatory measures under the 'Covid-19 - Regulatory Package', whereby lenders were permitted to grant moratorium to their borrowers, initially for a period of three months till May 2020 (moratorium 1.0) and subsequently for an additional three months till August 2020 (moratorium 2.0). REC (on a standalone basis) had provided moratorium to its borrowers on an OPT-IN basis for both the phases. Under moratorium 2.0, borrowers with dues aggregating to Rs 8411 crore (between June 1, 2020 and August 31, 2020) had availed moratorium as against total receivables of Rs 15273 crore during the same period.
 
REC has not availed moratorium on any of its borrowings under this scheme. As on September 30, 2020, REC had a liquidity cushion of Rs 11,594 crore on a standalone basis (Rs 1,567 crore of cash and equivalents including liquid investments and Rs 10,027 crore of unutilised bank lines including undrawn term loans) as against debt obligation of Rs 8,790 crore in the next two months till November 30, 2020. Further, the company has raised long terms funds of about Rs 43,680 crore in the first half of fiscal 2021 through term loans from banks, capital market instruments and foreign currency borrowings.
 
Due to the ongoing nationwide lockdown, the revenue collections of distribution companies (discoms) was impacted severely which also adversely affected their ability to repay their dues to the generating companies (gencos). To improve the liquidity position of discoms, Government of India (GoI) announced a Rs 90,000 crore discoms package with PFC and REC as lending partners. As per the broad contours of the this package, funds be disbursed in two tranches of Rs 45,000 crore each with equal contribution by PFC and REC. Based on discussions with the management and relevant stakeholders, CRISIL understands that the disbursement would be subject to fulfilment of certain pre-conditions including an unconditional and irrevocable state government guarantee and submission of a reform plan by discoms. Further, the disbursement of the second tranche of the discoms package i.e. the remaining Rs 45,000 crore will be subject to the implementation of the reforms as per the plan submitted earlier. Also, there is a likelihood that the overall outlay under the package may be increased. The package is expected to support discoms in meeting their payment obligations to gencos, which in turn would improve the ability of gencos to meet their debt obligation, including their dues to PFC and REC. Also, given that REC would be incrementally lending to borrowers with state government guarantee which have a lower risk weightage at 20%, it will help in improving capital ratios. CRISIL will continue to monitor developments in this regards.
 
Asset quality has been improving led by recoveries in large delinquent private sector exposures. Gross non-performing assets (NPAs) and net NPAs improved to 6.1% and 2.9%, respectively, as on June 30, 2020 (6.6% and 3.3%, respectively, as on March 31, 2020), from 7.2% and 3.7%, respectively, as on June 30, 2019. While most of the NPA accounts are under a resolution process/or at advanced stages of resolution, the recovery process is likely to slow down in the current fiscal due to the ongoing pandemic and weak macro-economic conditions. Also, with most of the stress in the private sector recognized, and the current stage 2 accounts likely to benefit from the discoms package, there may not be further large private sector slippages in the near to medium term. Nevertheless, the performance of the loan book amidst the ongoing pandemic will remain a key monitorable.
 
The ratings continue to reflect the strategic importance to the GoI given the key role the company plays in financing the Indian power sector, and majority ownership by the government. The ratings also factor in a strong market position and adequate capitalisation and resource profile. These strengths are partially offset by inherent vulnerability of the asset quality to the weak credit risk profiles of borrowers and significant sectoral and customer concentration in revenue.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and financial risk profile of REC and its subsidiaries. Furthermore, currently, CRISIL factors in support from the ultimate parent, GoI given its key role in financing the Indian power sector and expectation of continued support to REC by GoI, albeit routed through PFC.

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description
Strengths:
* Strategic importance to GoI, given REC's key role in financing India's power sector
REC is strategically important to GoI as it plays an important role in the Indian power sector, not only by providing finance but also by implementing GoI's power sector policies. It is the nodal agency for channelling finance towards its rural electrification programme under the Deendayal Upadhyaya Gram Jyoti Yojana (formerly known as Rajiv Gandhi Grameen Vidyutikaran Yojana) and Pradhan Mantri Sahaj Bijli Har Ghar Yojana (translated as the Prime Minister's Programme to provide easy electricity access to all households), or 'Saubhagya'. Furthermore, the company has been nominated as the sole nodal agency to operate the National Electricity Fund Scheme'an interest subsidy scheme introduced by GoI'to promote capital investment in the power distribution sector. REC is the second-largest lender to the sector. 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 89% of its portfolio as on June 30, 2020.
 
The government supports the company financially and operationally in various ways, including conferring special status to raise capital gains tax exemption bonds. Even after stake sale to PFC, GoI indirectly controls REC. CRISIL believes that GoI has strong strategic reasons and a moral obligation to support REC, both on an ongoing basis and in the event of distress, given the latter's role in implementing the government's power sector policies.
 
* Dominant market position in the power financing segment
REC plays an important role in the Indian power sector, not only by providing finance but also by implementing GoI's power sector policies. REC provides project-based long-term loans for generation, transmission and distribution activities and renewable energy. Besides, the company also offers short-term loans for working capital requirement, bridge loans, and debt refinancing which forms less than 1% of the overall advances as on June 30, 2020.  REC's outstanding loan book had exposure of 82%, 7%, and 11% to state sector, joint sector units, and private sector, respectively, as on June 30, 2020. The importance of REC in channelling financing to the domestic power sector is underscored by the fact that REC, together with PFC, accounted for a significant portion of the aggregate debt raised by SPUs. To support this role, REC has also received exemption from single and group borrower exposure norms for exposures to state power utilities (SPUs) till March 2022. Clearly, REC will remain a key financier to SPUs and, therefore, play a crucial role in sustaining their operations. Loans outstanding to government sector stood at Rs 2,93,152 crore as on June 30, 2020 (Rs 2,84,644 lakh crore as on March 31, 2020; Rs 2,47,716 crore as on March 31, 2019). As on June 30, 2020, overall loan book stood at Rs 3,30,788 crore (Rs 3,22,425 crore as on March 31, 2020; Rs 2,81,210 crore as on March 31, 2019)
 
* Strong resource profile
REC's credit risk profile is supported by its sound resource profile, with competitive borrowing costs and a diversified, albeit wholesale, resource base. As on June 30, 2020, overall borrowings stood at Rs 2,97,420 crore with domestic bonds forming the largest share at 57%, foreign currency borrowings at 17%, and funding from banks/FIs at 12% and capital gains/tax free bonds at 11%. Short-term commercial paper borrowings were nil as on June 30, 2020 (Rs 2,925 crore as on March 31, 2020). On a steady state, CP borrowings are likely to remain within 5% of the total borrowings. REC's debt instruments have wide market acceptability and the company typically borrows at low spreads over government securities. Its cost of borrowing is lower than that of most of its peers, and stood at 7.19% in the first quarter of fiscal 2021 (7.31% in fiscal 2020; 7.16% in fiscal 2019).
 
For fiscal 2020, extra budgetary resources of Rs 3782 crore were raised on behalf of the Ministry of Power, GoI. These bonds will be used to augment infrastructure funding, and 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 REC will ensure the bonds are serviced on time if need be.
 
* Adequate capitalisation
REC's capital profile provides a cushion against asset-side risks arising from high sectoral and customer concentration. The net worth was Rs 37,384 crore as on June 30, 2020 (Rs 35,077 crore as on March 31, 2020). The overall capital adequacy ratio (CAR) and Tier 1 CAR stood at 16.91% and 13.59%, respectively, as on June 30, 2020 (16.06% and 13.17%, respectively, as on March 31, 2020). Gearing stood at 7.96 times as on June 30, 2020 (8.0 times as on March 31, 2020). The net worth/net NPA ratio was around 3.9 times as on June 30, 2020 (3.3 times as on March 31, 2020). Capitalisation is expected to remain adequate over the medium term, supported by a demonstrated ability to raise capital through public issues (REC raised Rs 2000 crore of subordinated debt in Q1FY21). Accretion to net worth will be supported by the company's ability to maintain good interest spreads and a low operating expense ratio. The return on assets (RoA) ratio was 1.5% in fiscal 2020 as against 2.1% in fiscal 2019 (RoA (annualised) stood at 2.1% in the first quarter of fiscal 2021). Profitability was impacted in fiscal 2020 due to increase in credit costs and foreign exchange (forex) losses. Ability to contain credit costs and hence improve profitability and capitalisation will remain a key monitorable.
 
Weakness:
* Inherent vulnerability in asset quality, and significant sectoral and customer concentration
REC's asset quality remains inherently vulnerable as it caters only to the power sector and faces inherent asset quality challenges because of the weak financial risk profiles of its main customers, SPUs, comprising around 89% of overall advances as on June 30, 2020. Further, top 10 borrowers constitute ~37% of total loan book. 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 hikes to ensure sustained improvement in the performance of SPUs. However, REC has been able to manage overall asset quality risks in this segment owing to its criticality to borrowers and through various asset protection mechanisms.
 
REC also has around 11% exposure to the private sector as on June 30, 2020 (12% as on March 31, 2020), which has been 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. As on June 30, 2020, the overall gross NPAs and Net NPAs decreased to 6.1% and 2.9%, respectively, from 7.2% and 3.7%, respectively, a year ago (6.6% and 3.3%, respectively, as on March 31, 2020) led by recovery from large private delinquent accounts. As on June 30, 2020, 54% of private sectors loans have been recognized as stage III assets on which the company has a provision coverage of 53%.
 
Overall, CRISIL believes that the asset quality will remain vulnerable over the medium term primarily because of the increased challenges likely to be faced with private sector borrowers. The ability to resolve stressed accounts will also be a key monitorable going ahead.
Liquidity Superior

Asset Liability Maturity (ALM) profile of REC shows that liquidity position is superior. The mismatches in the ALM buckets up to one year given the relatively long tenure of its assets are managed mainly through unutilised bank lines. Additionally, the debt repayments are well staggered across months, supporting its liquidity profile.
 
As on September 30, 2020, REC had a liquidity cushion of Rs 11,594 crore on a standalone basis (Rs 1,567 crore of cash and equivalents including liquid investments and Rs 10,027 crore of unutilised bank lines including undrawn term loans) as against debt obligation of Rs 8,790 crore in the next two months till November 30, 2020.
 
REC continues to tap debt capital markets for fresh issuances. Around Rs 23,597 crore were raised as domestic bonds in the first half of fiscal 2021. REC also raised term loans of Rs 10,865 crore and foreign currency borrowings of Rs 9,218 crore over the same period.

Outlook: Stable

CRISIL believes that REC will continue to benefit from GoI's support, given its strategic role in the implementation of GoI's power sector initiatives. Moreover, REC will maintain its healthy position in the infrastructure-financing segment along with comfortable capitalisation and earnings.

Rating Sensitivity factors
Downward Factor:
* Decline in REC's strategic importance to, or in the direct or indirect support it receives from, GoI by way of reduction in PFC's shareholding below 50%
* Significant deterioration in asset quality, thereby impacting profitability and capitalisation.
About the Company

Incorporated in 1969, REC is a public financial institution under the administrative control of the Ministry of Power, GoI. The company is registered with Reserve Bank of India as a non-banking infrastructure finance company (NBFC-IFC). Until 2003, its primary objective was to provide financial assistance on concession to SPUs for rural electrification. Its mandate was broadened in 2003 to include financing of all segments of the power sector; REC finances generation projects, including independent power projects. Since September 2009, the company's mandate has been further widened to include financing activities allied to the power sector, and power-related infrastructure, such as coal and other mining activities, and fuel supply arrangements.
 
In March 2019, Power Finance Corporation completed the acquisition of Government of India's (GoI's) 52.63% stake in REC. The rating reaffirmation is driven by strategic importance of REC to GoI and support, if any, required will be provided by GoI. Even post the sale of GoI stake in REC to PFC, the company continues to play its respective policy role and remains nodal agencies for implementing GoI's power sector policies. Further, it is expected to operate all functions independently as is it did prior to the acquisition. GoI will continue to appoint the Board and CMD of REC and also have representation on the Board even after the stake sale.
 
Further, REC continues to operate as public financial institution (PFI), Infrastructure Finance Company (NBFC-IFC) and a Central Public Sector Enterprise (CPSE). Also, the entity continues to accrue all the benefits it was eligible for prior to stake sale by GoI, including raising bonds under Section 54EC. Capital support, if required, by REC, will be provided by government, albeit through PFC.
 
Even after the proposed stake sale, given that PFC is majority owned by GoI, CRISIL believes that GoI will continue to be involved in matters related to REC and that PFC and GoI would act in concert to support REC, if required. The rating also reflect REC's sound resource profile and adequate capitalisation. The rating strengths are partially offset by the company's exposure to risks relating to inherent vulnerability of asset quality, and significant customer and sectoral concentration.
 
For fiscal 2020, REC reported a profit after tax (PAT) of Rs 4,886 crore and total income (net of interest) of Rs 10,858 crore (Rs 5,764 crore and Rs 9,700 crore, respectively in the previous fiscal). For the quarter ended June 30, 2020, REC reported a PAT of Rs 1,839 crore on a total income (net of interest expense) of Rs 3,229 crore as against a PAT of Rs 1,501 crore on a total income (net of interest expense) of Rs 2,226 crore for the corresponding period of the previous fiscal.

Key Financial Indicators ' REC Standalone
As on / for the period ended Unit March 31, 2020 March 31, 2019
Total Assets Rs. Cr. 346,488 297,717
Total income (net of interest) Rs. Cr. 10,858 9,700
Profit after tax Rs. Cr. 4886 5764
Gross NPA % 6.59 7.24
Gearing Times 8.0 6.9
Overall capital adequacy ratio  % 16.06 17.77

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments and are included (where applicable) in the Annexure -- Details of Instrument in this Rating Rationale. For more details on the CRISIL complexity levels, please visit www.crisil.com/complexity-levels.
Annexure - Details of Instrument(s)
ISIN Name of the Instrument Date of Allotment Coupon R
ate (%)
Maturity
Date
Issue Size
(Rs.Cr)
Complexity
Levels
Rating with Outlook
INE020B08427 Institutional Bonds 08-Jun-10 8.75% 08-Jun-25 1250.0 Simple CRISIL AAA/Stable
INE020B08443 Institutional Bonds 12-Jul-10 8.75% 12-Jul-25 1800.0 Simple CRISIL AAA/Stable
INE020B08450 Institutional Bonds 25-Oct-10 8.80% 25-Oct-20 1150.0 Simple CRISIL AAA/Stable
INE020B08468 Institutional Bonds 29-Nov-10 8.80% 29-Nov-20 2120.5 Simple CRISIL AAA/Stable
INE020B08476 Institutional Bonds 15-Dec-10 Zero Coupon bonds 15-Dec-20 533.2 Simple CRISIL AAA/Stable
INE020B08484 Institutional Bonds 03-Feb-11 Zero Coupon bonds 03-Feb-21 116.1 Simple CRISIL AAA/Stable
INE020B08492 Institutional Bonds 15-Mar-11 9.18% 15-Mar-21 3000.0 Simple CRISIL AAA/Stable
INE020B08500 Infrastructure Bonds 31-Mar-11 8.10% 31-Mar-21 1.6 Simple CRISIL AAA/Stable
INE020B08518 Infrastructure Bonds 31-Mar-11 8.00% 31-Mar-21 16.9 Simple CRISIL AAA/Stable
INE020B08526 Infrastructure Bonds 31-Mar-11 8.20% 31-Mar-21 3.8 Simple CRISIL AAA/Stable
INE020B08534 Infrastructure Bonds 31-Mar-11 8.20% 31-Mar-21 58.0 Simple CRISIL AAA/Stable
INE020B08567 Institutional Bonds 15-Jul-11 9.63% 15-Jul-21 1500.0 Simple CRISIL AAA/Stable
INE020B08591 Institutional Bonds 10-Aug-11 9.48% 10-Aug-21 3171.8 Simple CRISIL AAA/Stable
INE020B08641 Institutional Bonds 11-Nov-11 9.75% 11-Nov-21 3922.2 Simple CRISIL AAA/Stable
INE020B08708 Infrastructure Bonds 15-Feb-12 8.95% 15-Feb-22 5.7 Simple CRISIL AAA/Stable
INE020B08716 Infrastructure Bonds 15-Feb-12 8.95% 15-Feb-22 1.4 Simple CRISIL AAA/Stable
INE020B08724 Infrastructure Bonds 15-Feb-12 9.15% 15-Feb-27 2.8 Simple CRISIL AAA/Stable
INE020B08732 Infrastructure Bonds 15-Feb-12 9.15% 15-Feb-27 1.1 Simple CRISIL AAA/Stable
INE020B07GG9 Tax Free Bonds 27-Mar-12 7.93%/8.13% 27-Mar-22 839.7 Simple CRISIL AAA/Stable
INE020B07GH7 Tax Free Bonds 27-Mar-12 8.12%/8.32% 27-Mar-27 2160.3 Simple CRISIL AAA/Stable
INE020B08740 Institutional Bonds 15-Jun-12 9.35% 15-Jun-22 2378.2 Simple CRISIL AAA/Stable
INE020B08807 Institutional Bonds 19-Nov-12 9.02% 19-Nov-22 2211.2 Simple CRISIL AAA/Stable
INE020B07GU0 Tax Free Bonds 21-Nov-12 7.21% 21-Nov-22 255.0 Simple CRISIL AAA/Stable
INE020B07GV8 Tax Free Bonds 21-Nov-12 7.38% 21-Nov-27 245.0 Simple CRISIL AAA/Stable
INE020B07GW6 Tax Free Bonds 19-Dec-12 7.22%/7.72% 19-Dec-22 1165.3 Simple CRISIL AAA/Stable
INE020B07GX4 Tax Free Bonds 19-Dec-12 7.38%/7.88% 19-Dec-27 852.0 Simple CRISIL AAA/Stable
INE020B07GY2 Tax Free Bonds 25-Mar-13 6.88%/7.38% 25-Mar-23 81.4 Simple CRISIL AAA/Stable
INE020B07GZ9 Tax Free Bonds 25-Mar-13 7.04%/7.54% 25-Mar-28 49.7 Simple CRISIL AAA/Stable
INE020B08831 Institutional Bonds 12-Apr-13 8.82% 12-Apr-23 4300.0 Simple CRISIL AAA/Stable
INE020B08849 Institutional Bonds 31-May-13 8.06% 31-May-23 2500.0 Simple CRISIL AAA/Stable
INE020B07HM5 Tax Free Bonds 29-Aug-13 8.01% 29-Aug-23 209.0 Simple CRISIL AAA/Stable
INE020B07HN3 Tax Free Bonds 29-Aug-13 8.46% 29-Aug-28 1141.0 Simple CRISIL AAA/Stable
INE020B07HQ6 Tax Free Bonds 24-Sep-13 8.37% 24-Sep-33 16.4 Simple CRISIL AAA/Stable
INE020B07HT0 Tax Free Bonds 24-Sep-13 8.62% 24-Sep-33 38.9 Simple CRISIL AAA/Stable
INE020B07HO1 Tax Free Bonds 24-Sep-13 8.01% 24-Sep-23 257.2 Simple CRISIL AAA/Stable
INE020B07HR4 Tax Free Bonds 24-Sep-13 8.26% 24-Sep-23 317.9 Simple CRISIL AAA/Stable
INE020B07HP8 Tax Free Bonds 24-Sep-13 8.46% 24-Sep-28 1721.2 Simple CRISIL AAA/Stable
INE020B07HS2 Tax Free Bonds 24-Sep-13 8.71% 24-Sep-28 1089.1 Simple CRISIL AAA/Stable
INE020B07HU8 Tax Free Bonds 11-Oct-13 8.18% 11-Oct-23 105.0 Simple CRISIL AAA/Stable
INE020B07HV6 Tax Free Bonds 11-Oct-13 8.54% 11-Oct-28 45.0 Simple CRISIL AAA/Stable
INE020B07IE0 Tax Free Bonds 24-Mar-14 8.61% 24-Mar-34 26.4 Simple CRISIL AAA/Stable
INE020B07IH3 Tax Free Bonds 24-Mar-14 8.86% 24-Mar-34 83.3 Simple CRISIL AAA/Stable
INE020B07IC4 Tax Free Bonds 24-Mar-14 8.19% 24-Mar-24 290.3 Simple CRISIL AAA/Stable
INE020B07IF7 Tax Free Bonds 24-Mar-14 8.44% 24-Mar-24 129.1 Simple CRISIL AAA/Stable
INE020B07ID2 Tax Free Bonds 24-Mar-14 8.63% 24-Mar-29 248.1 Simple CRISIL AAA/Stable
INE020B07IG5 Tax Free Bonds 24-Mar-14 8.88% 24-Mar-29 282.3 Simple CRISIL AAA/Stable
INE020B07IW2 Institutional Bonds 17-Jul-14 9.40% 17-Jul-21 1515.0 Simple CRISIL AAA/Stable
INE020B07IZ5 Institutional Bonds 25-Aug-14 9.34% 25-Aug-24 1955.0 Simple CRISIL AAA/Stable
INE020B08872 Institutional Bonds 04-Dec-14 8.44% 04-Dec-21 1550.0 Simple CRISIL AAA/Stable
INE020B08880 Institutional Bonds 22-Dec-14 8.57% 21-Dec-24 2250.0 Simple CRISIL AAA/Stable
INE020B08898 Institutional Bonds 23-Jan-15 8.23% 23-Jan-25 1925.0 Simple CRISIL AAA/Stable
INE020B08906 Institutional Bonds 06-Feb-15 8.27% 06-Feb-25 2325.0 Simple CRISIL AAA/Stable
INE020B08914 Institutional Bonds 23-Feb-15 8.35% 22-Feb-25 2285.0 Simple CRISIL AAA/Stable
INE020B08922 Institutional Bonds 09-Mar-15 8.27% 09-Mar-22 700.0 Simple CRISIL AAA/Stable
INE020B08930 Institutional Bonds 10-Apr-15 8.30% 10-Apr-25 2396.0 Simple CRISIL AAA/Stable
INE020B07JO7 Tax Free Bonds 23-Jul-15 7.17% 23-Jul-25 300.0 Simple CRISIL AAA/Stable
INE020B08963 Institutional Bonds 07-Oct-15 8.11% 07-Oct-25 2585.0 Simple CRISIL AAA/Stable
INE020B07JR0 Tax Free Bonds 05-Nov-15 7.09% 05-Nov-30 133.7 Simple CRISIL AAA/Stable
INE020B07JS8 Tax Free Bonds 05-Nov-15 7.34% 05-Nov-30 39.3 Simple CRISIL AAA/Stable
INE020B07JT6 Tax Free Bonds 05-Nov-15 7.18% 05-Nov-35 276.6 Simple CRISIL AAA/Stable
INE020B07JU4 Tax Free Bonds 05-Nov-15 7.43% 05-Nov-35 144.6 Simple CRISIL AAA/Stable
INE020B07JP4 Tax Free Bonds 05-Nov-15 6.89% 05-Nov-25 51.3 Simple CRISIL AAA/Stable
INE020B07JQ2 Tax Free Bonds 05-Nov-15 7.14% 05-Nov-25 54.7 Simple CRISIL AAA/Stable
INE020B08997 Institutional Bonds 21-Oct-16 7.24% 21-Oct-21 2500.0 Simple CRISIL AAA/Stable
INE020B08AA3 Institutional Bonds 07-Nov-16 7.52% 07-Nov-26 2100.0 Simple CRISIL AAA/Stable
INE020B08AB1 Institutional Bonds 09-Dec-16 7.14% 09-Dec-21 1020.0 Simple CRISIL AAA/Stable
INE020B08AC9 Institutional Bonds 30-Dec-16 7.54% 30-Dec-26 3000.0 Simple CRISIL AAA/Stable
INE020B08AF2 Institutional Bonds 28-Feb-17 7.46% 28-Feb-22 625.0 Simple CRISIL AAA/Stable
INE020B08AH8 Institutional Bonds 14-Mar-17 7.95% 12-Mar-27 2745.0 Simple CRISIL AAA/Stable
INE020B08AK2 Institutional Bonds 07-Sep-17 7.03% 07-Sep-22 2670.0 Simple CRISIL AAA/Stable
INE020B08AM8 Institutional Bonds 17-Oct-17 7.09% 17-Oct-22 1225.0 Simple CRISIL AAA/Stable
INE020B07KO5 Institutional Bonds 31-Oct-17 5.25% 31-Oct-20 614.1 Simple CRISIL AAA/Stable
INE020B08AN6 Institutional Bonds 31-Oct-17 6.99% 31-Dec-20 2850.0 Simple CRISIL AAA/Stable
INE020B08AO4 Institutional Bonds 21-Nov-17 7.18% 21-May-21 600.0 Simple CRISIL AAA/Stable
INE020B07KP2 Institutional Bonds 30-Nov-17 5.25% 30-Nov-20 656.3 Simple CRISIL AAA/Stable
INE020B08AP1 Institutional Bonds 30-Nov-17 7.45% 30-Nov-22 1912.0 Simple CRISIL AAA/Stable
INE020B08AQ9 Institutional Bonds 12-Dec-17 7.70% 10-Dec-27 3533.0 Simple CRISIL AAA/Stable
INE020B07KQ0 Institutional Bonds 31-Dec-17 5.25% 31-Dec-20 745.8 Simple CRISIL AAA/Stable
INE020B08AR7 Institutional Bonds 17-Jan-18 7.60% 17-Apr-21 1055.0 Simple CRISIL AAA/Stable
INE020B07KR8 Institutional Bonds 31-Jan-18 5.25% 31-Jan-21 708.5 Simple CRISIL AAA/Stable
INE020B08AS5 Institutional Bonds 12-Feb-18 7.70% 15-Mar-21 2465.0 Simple CRISIL AAA/Stable
INE020B08AT3 Institutional Bonds 23-Feb-18 7.99% 23-Feb-23 950.0 Simple CRISIL AAA/Stable
INE020B07KS6 Institutional Bonds 28-Feb-18 5.25% 28-Feb-21 869.2 Simple CRISIL AAA/Stable
INE020B08AW7 Institutional Bonds 15-Mar-18 7.73% 15-Jun-21 800.0 Simple CRISIL AAA/Stable
INE020B08AX5 Institutional Bonds
(GoI Serviced)
21-Mar-18 8.09% 21-Mar-28 1837.0 Simple CRISIL AAA/Stable
INE020B08AY3 Institutional Bonds
(GoI Serviced)
26-Mar-18 8.01% 24-Mar-28 1410.0 Simple CRISIL AAA/Stable
INE020B08AZ0 Institutional Bonds
(GoI Serviced)
27-Mar-18 8.06% 27-Mar-28 753.0 Simple CRISIL AAA/Stable
INE020B07KT4 Institutional Bonds 31-Mar-18 5.25% 31-Mar-21 2559.3 Simple CRISIL AAA/Stable
INE020B07KU2 Institutional Bonds 30-Apr-18 5.75% 30-Apr-23 278.5 Simple CRISIL AAA/Stable
INE020B07KV0 Institutional Bonds 31-May-18 5.75% 31-May-23 438.7 Simple CRISIL AAA/Stable
INE020B07KW8 Institutional Bonds 30-Jun-18 5.75% 30-Jun-23 504.7 Simple CRISIL AAA/Stable
INE020B07KX6 Institutional Bonds 31-Jul-18 5.75% 31-Jul-23 683.9 Simple CRISIL AAA/Stable
INE020B08BA1 Institutional Bonds 09-Aug-18 8.55% 09-Aug-28 2500.0 Simple CRISIL AAA/Stable
INE020B08BB9 Institutional Bonds 27-Aug-18 8.63% 25-Aug-28 2500.0 Simple CRISIL AAA/Stable
INE020B07KY4 Institutional Bonds 31-Aug-18 5.75% 31-Aug-23 499.3 Simple CRISIL AAA/Stable
NA Term Loan 1 14-Sep-18 NA 14-Sep-23 2000.0 NA CRISIL AAA/Stable
INE020B08BC7 Institutional Bonds
(GoI Serviced)
28-Sep-18 8.70% 28-Sep-28 3000.0 Simple CRISIL AAA/Stable
NA Term Loan 2 29-Sep-18 NA 29-Sep-23 300.0 NA CRISIL AAA/Stable
INE020B07KZ1 Institutional Bonds 30-Sep-18 5.75% 30-Sep-23 493.8 Simple CRISIL AAA/Stable
NA Term Loan 3 11-Oct-18 NA 11-Oct-23 350.0 NA CRISIL AAA/Stable
NA Term Loan 4 15-Oct-18 NA 15-Oct-23 5000.0 NA CRISIL AAA/Stable
INE020B08BD5 Institutional Bonds 22-Oct-18 8.83% 21-Jan-22 2171.0 Simple CRISIL AAA/Stable
INE020B07LA2 Institutional Bonds 31-Oct-18 5.75 31-Oct-23 507.8 Simple CRISIL AAA/Stable
NA Term Loan 5 06-Nov-18 NA 06-Nov-23 350.0 NA CRISIL AAA/Stable
INE020B08BE3 Institutional Bonds
(GoI Serviced)
15-Nov-18 8.54% 15-Nov-28 3600.0 Simple CRISIL AAA/Stable
INE020B08BF0 Institutional Bonds 22-Nov-18 8.45% 22-Mar-22 2571.8 Simple CRISIL AAA/Stable
INE020B08BG8 Institutional Bonds 29-Nov-18 8.56% 29-Nov-28 2552.4 Simple CRISIL AAA/Stable
INE020B07LB0 Institutional Bonds 30-Nov-18 5.75% 30-Nov-23 481.0 Simple CRISIL AAA/Stable
NA Term Loan 6 04-Dec-18 NA 04-Jun-22 1000.0 NA CRISIL AAA/Stable
INE020B08BH6 Institutional Bonds 07-Dec-18 8.37% 07-Dec-28 2554.0 Simple CRISIL AAA/Stable
NA Term Loan 7 13-Dec-18 NA 13-Dec-23 5000.0 NA CRISIL AAA/Stable
INE020B07LC8 Institutional Bonds 31-Dec-18 5.75% 31-Dec-23 565.7 Simple CRISIL AAA/Stable
NA Term Loan 8 15-Jan-19 NA 15-Jan-24 500.0 NA CRISIL AAA/Stable
INE020B08BJ2 Institutional Bonds
(GoI Serviced)
22-Jan-19 8.80% 22-Jan-29 2027.0 Simple CRISIL AAA/Stable
INE020B07LD6 Institutional Bonds 31-Jan-19 5.75% 31-Jan-24 550.0 Simple CRISIL AAA/Stable
INE020B07LE4 Institutional Bonds 28-Feb-19 5.75% 28-Feb-24 570.0 Simple CRISIL AAA/Stable
NA Term Loan 9 05-Mar-19 NA 05-Mar-24 2300.0 NA CRISIL AAA/Stable
NA Term Loan 10 06-Mar-19 NA 06-Mar-24 700.0 NA CRISIL AAA/Stable
INE020B08BM6 Institutional Bonds 13-Mar-19 8.35% 13-Mar-22 2500.0 Simple CRISIL AAA/Stable
INE020B08BN4 Institutional Bonds 18-Mar-19 8.15% 18-Jun-21 2720.0 Simple CRISIL AAA/Stable
INE020B08BP9 Institutional Bonds 28-Mar-19 8.97% 28-Mar-29 2151.2 Simple CRISIL AAA/Stable
INE020B07LF1 Institutional Bonds 31-Mar-19 5.75% 31-Mar-24 1078.5 Simple CRISIL AAA/Stable
INE020B08BQ7 Institutional Bonds& 16-Apr-19 8.85% 16-Apr-29 1600.7 Simple CRISIL AAA/Stable
INE020B07LG9 Institutional Bonds& 30-Apr-19 5.75% 30-Apr-24 391.12 Simple CRISIL AAA/Stable
INE020B08BR5 Institutional Bonds& 06-May-19 8.50% 20-Dec-21 1245 Simple CRISIL AAA/Stable
INE020B08BS3 Institutional Bonds& 14-May-19 8.80% 14-May-29 1097 Simple CRISIL AAA/Stable
INE020B07LH7 Institutional Bonds& 31-May-19 5.75% 31-May-24 459.1 Simple CRISIL AAA/Stable
INE020B08BT1 Institutional Bonds& 10-Jun-19 8.15% 10-Jun-22 1000 Simple CRISIL AAA/Stable
INE020B08BV7 Institutional Bonds& 25-Jun-19 8.1 25-Jun-24 1018 Simple CRISIL AAA/Stable
INE020B08BU9 Institutional Bonds& 25-Jun-19 8.30% 25-Jun-29 2070.9 Simple CRISIL AAA/Stable
INE020B07LI5 Institutional Bonds& 30-Jun-19 5.75% 30-Jun-24 413.49 Simple CRISIL AAA/Stable
INE020B07LJ3 Institutional Bonds& 31-Jul-19 5.75% 31-Jul-24 594.62 Simple CRISIL AAA/Stable
INE020B08BW5 Institutional Bonds& 22-Aug-19 8.18% 22-Aug-34 5063 Simple CRISIL AAA/Stable
NA Term Loan 12& 28-Aug-19 NA 28-Aug-24 500 NA CRISIL AAA/Stable
INE020B07LK1 Institutional Bonds& 31-Aug-19 5.75% 31-Aug-24 500.25 Simple CRISIL AAA/Stable
INE020B08BX3 Institutional Bonds& 16-Sep-19 8.29% 16-Sep-34 3028 Simple CRISIL AAA/Stable
INE020B08CA9 Institutional Bonds& 26-Sep-19 7.55% 26-Sep-21 300 Simple CRISIL AAA/Stable
INE020B08CB7 Institutional Bonds& 26-Sep-2019 7.55% 26-Sep-22 300 Simple CRISIL AAA/Stable
INE020B08CC5 Institutional Bonds& 26-Sep-19 7.55% 26-Sep-23 300 Simple CRISIL AAA/Stable
INE020B08BY1 Institutional Bonds& 26-Sep-19 8.25% 26-Sep-29 290.2 Simple CRISIL AAA/Stable
INE020B07LL9 Institutional Bonds& 30-Sep-19 5.75% 30-Sep-24 497.55 Simple CRISIL AAA/Stable
NA Term Loan 13& 30-Sep-19 NA 30-Sep-25 400 NA CRISIL AAA/Stable
NA Term Loan 14& 04-Oct-19 NA 04-Oct-24 5000 NA CRISIL AAA/Stable
INE020B07LM7 Institutional Bonds& 31-Oct-19 5.75% 31-Oct-24 518.4 Simple CRISIL AAA/Stable
INE020B08CD3 Institutional Bonds& 13-Nov-19 7.09% 13-Dec-22 2769 Simple CRISIL AAA/Stable
INE020B08CE1 Institutional Bonds& 26-Nov-19 6.90% 30-Jun-22 2500 Simple CRISIL AAA/Stable
INE020B08CF8 Institutional Bonds& 26-Nov-19 7.40% 26-Nov-24 1500 Simple CRISIL AAA/Stable
INE020B07LN5 Institutional Bonds& 30-Nov-19 5.75% 30-Nov-24 552.73 Simple CRISIL AAA/Stable
NA Term Loan 15& 12-Dec-19 NA 12-Dec-22 1600 NA CRISIL AAA/Stable
NA Term Loan 16& 24-Dec-19 NA 24-Dec-24 1500 NA CRISIL AAA/Stable
INE020B08CG6 Institutional Bonds& 26-Dec-19 7.24% 31-Dec-22 2090 Simple CRISIL AAA/Stable
INE020B07LO3 Institutional Bonds& 31-Dec-19 5.75% 31-Dec-24 527.04 Simple CRISIL AAA/Stable
INE020B08CI2 Institutional Bonds& 08-Jan-20 7.89% 31-Mar-30 1100 Simple CRISIL AAA/Stable
INE020B08CH4 Institutional Bonds& 08-Jan-20 7.12% 31-Mar-23 1400 Simple CRISIL AAA/Stable
INE020B08CJ0 Institutional Bonds& 28-Jan-20 7.92% 31-Mar-30 3054.9 Simple CRISIL AAA/Stable
INE020B07LP0 Institutional Bonds& 31-Jan-20 5.75% 31-Jan-25 480.2 Simple CRISIL AAA/Stable
INE020B08CL6 Institutional Bonds& 10-Feb-20 6.32% 31-Dec-21 2489.4 Simple CRISIL AAA/Stable
INE020B08CK8 Institutional Bonds& 10-Feb-20 6.88% 20-Mar-25 2500 Simple CRISIL AAA/Stable
INE020B08CN2 Institutional Bonds& 25-Feb-20 6.80% 30-Jun-23 1100 Simple CRISIL AAA/Stable
INE020B08CM4 Institutional Bonds& 25-Feb-20 6.99% 30-Sep-24 1100 Simple CRISIL AAA/Stable
INE020B07LQ8 Institutional Bonds& 28-Feb-20 5.75% 28-Feb-25 501.2 Simple CRISIL AAA/Stable
NA Term Loan 17& 28-Feb-20 NA 28-Feb-25 300 NA CRISIL AAA/Stable
INE020B08CP7 Institutional Bonds& 06-Mar-20 7.50% 28-Feb-30 2382 Simple CRISIL AAA/Stable
INE020B08CQ5 Institutional Bonds& 13-Mar-20 6.99% 31-Dec-21 1115 Simple CRISIL AAA/Stable
NA Term Loan 18& 13-Mar-20 NA 13-Mar-25 1700 NA CRISIL AAA/Stable
INE020B07LR6 Institutional Bonds& 31-Mar-20 5.75% 31-Mar-25 2,500 Simple CRISIL AAA/Stable
NA Term Loan 19& 13-Mar-20 NA 13-Mar-22 900 NA CRISIL AAA/Stable
INE020B08BL8 Bonds (GoI Fully
Serviced)#
08-Mar-19 8.60% 08-Mar-29 1200 Simple CRISIL AAA/Stable
INE020B08BO2 Bonds (GoI Fully Serviced)@@ 25-Mar-19 8.30% 25-Mar-29 4000 Simple CRISIL AAA/Stable
INE020B08CO0 Bonds (GoI Fully Serviced)@@ 02-Mar-20 7.14% 02-Mar-30 1500 Simple CRISIL AAA/Stable
INE020B08CR3 Bonds (GoI Fully Serviced)@@ 26-Mar-20 8.25% 26-Mar-30 532.3 Simple CRISIL AAA/Stable
INE020B08CS1 Bonds (GoI Fully Serviced)@@ 31-Mar-20 7.20% 31-Mar-30 1750 Simple CRISIL AAA/Stable
NA Bonds (GoI Fully
Serviced)@@^^
NA NA NA 6017.7 Simple CRISIL AAA/Stable
NA Long term borrowing
programme^^
NA NA NA 19450.9 Simple CRISIL AAA/Stable
INE020B08CT9 Institutional Bond# 22-Apr-20 6.92% 22-Apr-23 2985 Simple CRISIL AAA/Stable
INE020B08CU7 Institutional Bond# 11-May-20 7.55% 11-May-30 3740 Simple CRISIL AAA/Stable
NA Term Loan # 18-May-20 750.00% 18-May-25 565 NA CRISIL AAA/Stable
INE020B08CV5 Institutional Bond# 21-May-20 6.60% 21-Mar-22 2596 Simple CRISIL AAA/Stable
INE020B08CW3 Institutional Bond# 21-May-20 7.79% 21-May-30 1569 Simple CRISIL AAA/Stable
NA Term Loan # 01-Jun-20 760.00% 01-Jun-25 300 NA CRISIL AAA/Stable
INE020B08CX1 Institutional Bond# 08-Jun-20 7.96% 15-Jun-30 1999.5 Simple CRISIL AAA/Stable
NA Term Loan # 19-Jun-20 7.25% 19-Jun-23 1500 NA CRISIL AAA/Stable
NA Term Loan # 25-Jun-20 699.00% 25-Jun-23 800 NA CRISIL AAA/Stable
NA Term Loan # 30-Jun-20 730.00% 30-Jun-25 100 NA CRISIL AAA/Stable
INE020B08CY9 Long Term Principal Protected
Market Linked Debentures#
08-Jul-20 Linked to 10 year G-Sec 30-Jun-23 500 Highly Complex CRISIL PP-MLD AAAr/Stable
NA Term Loan # 15-Jul-20 675.00% 15-Jul-25 1000 NA CRISIL AAA/Stable
NA Term Loan # 29-Jul-20 675.00% 29-Jul-25 2000 NA CRISIL AAA/Stable
INE020B08CZ6 Institutional Bond# 30-Jul-20 5.90% 31-Mar-25 900 Simple CRISIL AAA/Stable
INE020B08DA7 Institutional Bond# 30-Jul-20 6.90% 31-Mar-31 1300 Simple CRISIL AAA/Stable
NA Long term borrowing
programme (FY21)^^ #
NA NA NA 78645.5 Simple CRISIL AAA/Stable
NA Long Term Principal Protected
Market Linked Debentures^^#
NA NA NA 500 Highly Complex CRISIL PP-MLD AAAr/Stable
NA Short term borrowing
programme (FY20)
NA NA NA 12000 Simple CRISIL AAA/Stable
NA Short term borrowing
programme (FY21)#
NA NA NA 10000 Simple CRISIL AAA/Stable
NA Perpetual Non-Convertible
Debentures#^^
NA NA NA 3000 Highly Complex CRISIL AAA/Stable
Notes: Institutional bonds, 54EC Capital Gain Tax Exemption Bonds, Tax free bonds, Zero coupon bonds, infrastructure bonds and term loans from banks/financial institution are part of long-term borrowing programme,
^^Not yet issued
#Part of borrowing programme for fiscal 2021
&Part of borrowing programme for fiscal 2020
@@ GOI fully serviced bonds
 
Annexure - Details of Rating Withdrawn
ISIN Name of the Instrument Date of
Allotment
Coupon
Rate (%)
Maturity
Date
Issue Size Complexity Levels
INE020B08948 Institutional Bonds 14-Aug-15 8.37% 14-Aug-20 2675 Simple
INE020B08955 Institutional Bonds 22-Sep-15 8.36% 22-Sep-20 2750 Simple
INE020B08AE5 Institutional Bonds 20-Feb-17 7.13% 21-Sep-20 835 Simple
INE020B07KL1 Institutional Bonds 31-Jul-17 5.25% 31-Jul-20 743.2 Simple
INE020B08AJ4 Institutional Bonds 24-Aug-17 6.87% 24-Sep-20 2485 Simple
INE020B07KM9 Institutional Bonds 31-Aug-17 5.25% 31-Aug-20 562.8 Simple
INE020B07KN7 Institutional Bonds 30-Sep-17 5.25% 30-Sep-20 598.4 Simple
INE020B08BK0 Institutional Bonds 20-Feb-19 8.57% 20-Aug-20 1790 Simple
INE020B08BZ8 Institutional Bonds& 26-Sep-19 7.55% 26-Sep-20 300 Simple
&Part of borrowing programme for fiscal 2020
 
Annexure - List of entities consolidated
Entity Consolidated Extent of consolidation Rationale for consolidation
REC Power Distribution Company Limited Full Subsidiary
REC Transmission Projects Company Limited Full Subsidiary
 Energy Efficiency Services Limited Part Joint Venture
Annexure - Rating History for last 3 Years
  Current 2020 (History) 2019  2018  2017  Start of 2017
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Bond  LT  8982.30
07-10-20 
CRISIL AAA/Stable  10-08-20  CRISIL AAA/Stable  29-03-19  CRISIL AAA/Stable    --  08-02-17  Withdrawal  CRISIL AAA/Stable 
        26-05-20  CRISIL AAA/Stable  05-03-19  CRISIL AAA/Stable      23-01-17  CRISIL AAA/Stable   
        30-03-20  CRISIL AAA/Stable               
Long Term Principal Protected Market Linked Debentures  LT  500.00
07-10-20 
CRISIL PP-MLD AAAr/Stable  10-08-20  CRISIL PP-MLD AAAr/Stable    --    --    --  -- 
        26-05-20  CRISIL PP-MLD AAAr/Stable               
Long-Term Borrowing Programme  LT  0.00
07-10-20 
CRISIL AAA/Stable  10-08-20  CRISIL AAA/Stable  29-03-19  CRISIL AAA/Stable  11-12-18  CRISIL AAA/Stable  30-03-17  CRISIL AAA/Stable  CRISIL AAA/Stable 
        26-05-20  CRISIL AAA/Stable  05-03-19  CRISIL AAA/Stable  27-09-18  CRISIL AAA/Stable  08-02-17  CRISIL AAA/Stable   
        30-03-20  CRISIL AAA/Stable  21-02-19  CRISIL AAA/Stable  28-03-18  CRISIL AAA/Stable  23-01-17  CRISIL AAA/Stable   
            15-02-19  CRISIL AAA/Stable           
Long-term borrowing programme  LT  921.63  CRISIL AAA/Stable  10-08-20  CRISIL AAA/Stable    --    --    --  -- 
        26-05-20  CRISIL AAA/Stable               
        30-03-20  CRISIL AAA/Stable               
Lower Tier II Bonds  LT    --    --    --    --  08-02-17  Withdrawal  CRISIL AAA/Stable 
                    23-01-17  CRISIL AAA/Stable   
Non Convertible Debentures  LT    --    --    --    --  08-02-17  Withdrawal  CRISIL AAA/Stable 
                    23-01-17  CRISIL AAA/Stable   
Perpetual Non Convertible Debentures  LT  0.00
07-10-20 
CRISIL AAA/Stable    --    --    --    --  -- 
Short Term Borrowing programme  ST  22000.00  CRISIL A1+  10-08-20  CRISIL A1+  29-03-19  CRISIL A1+  11-12-18  CRISIL A1+    --  -- 
        26-05-20  CRISIL A1+  05-03-19  CRISIL A1+  27-09-18  CRISIL A1+       
        30-03-20  CRISIL A1+  21-02-19  CRISIL A1+  28-03-18  CRISIL A1+       
            15-02-19  CRISIL A1+           
Short Term Debt  ST    --  30-03-20  Withdrawal  29-03-19  CRISIL A1+  11-12-18  CRISIL A1+  30-03-17  CRISIL A1+  CRISIL A1+ 
            05-03-19  CRISIL A1+  27-09-18  CRISIL A1+  08-02-17  CRISIL A1+   
            21-02-19  CRISIL A1+  28-03-18  CRISIL A1+  23-01-17  CRISIL A1+   
            15-02-19  CRISIL A1+           
Tax Free Bond  LT    --    --    --    --  08-02-17  Withdrawal  CRISIL AAA/Stable 
                    23-01-17  CRISIL AAA/Stable   
Taxable Bond  LT    --    --    --    --  08-02-17  Withdrawal  CRISIL AAA/Stable 
                    23-01-17  CRISIL AAA/Stable   
All amounts are in Rs.Cr.
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Banks and Financial Institutions
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Entities Based on Government Support

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