Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

PTC India Financial Services Ltd updates on CRISIL rating

Posted On: 2019-07-15 17:04:57

CRISIL has assigned its 'Provisional CRISIL AA+(SO)/Stable' rating to Non-Convertible Debentures (NCDs) to be issued by PTC India Financial Services Limited (PFS; rated 'CRISIL A+/Stable/CRISIL A1+'). This is the first rated instrument in the Indian debt capital markets which involves credit support from partial credit enhancement by a bank as well as a 'covered bond' equivalent structure.

The NCDs to be issued by PFS will be backed by a partial credit enhancement (PCE) of Rs 116.0 crore extended by State Bank of India (SBI; rated 'CRISIL AAA/CRISIL AA+/FAAA/Stable/CRISIL A1+'), Debt Service Reserve Account (DSRA) of Rs 45.0 crore built by PFS over the first year, and cash flows escrowed from loans extended to identified, commissioned, operational, renewable projects with aggregate principal of Rs 671.4 crore as of 30th June 2019. The NCDs will have minimum principal cover of 109% from identified loan receivables for the tenure of the transaction.

The identified loans will be assigned to a bankruptcy-remote special purpose vehicle (SPV) upon occurrence of certain predefined trigger events, one of which is a downgrade in the rating of PFS by two or more notches. Post the assignment, the loan receivables will be utilised purely for payment of the NCDs, repayment of drawn PCE, the associated PCE interest and PCE fees, and the cash flows will not flow back to the Issuer until the NCDs are outstanding. Thus, post the assignment, the NCD-holders will have dual recourse to PFS (cash flows from normal operations of the company) and the bankruptcy remote SPV (to which the identified loan receivables are assigned).

Interest is payable on the NCDs on a half-yearly basis and principal repayments are scheduled as equal annual installments from year 3 to year 10. Based on the t-structure defined, on each payout date, DSRA and PCE will be drawn, to the extent required, if the amounts funded by PFS and the identified loan receivables are not sufficient to make NCD payouts.

In the absence of the above structural features, the rating of the NCDs would have been the same as rating of the Issuer.

Shares of PTC INDIA FINANCIAL SERVICES LTD. was last trading in BSE at Rs.14.6 as compared to the previous close of Rs. 14.75. The total number of shares traded during the day was 43176 in over 86 trades.

The stock hit an intraday high of Rs. 14.7 and intraday low of 14.4. The net turnover during the day was Rs. 628267.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

India Ratings Places Shree Renuka Sugars on RWN

Infosys and University of Illinois Urbana-Champaign Enter a Strategic Partnership for Precision Medicine

Dabur India Ltd updates on new step down Subsidiary Company

Bimetal Bearings Ltd announces re-alignment of production

Amazon to acquire 49% in Future Coupons Ltd

Pidilite unveils state-of-the-art adhesive manufacturing plant in Bangladesh

HDFC Bank Ltd appoints Mr. Srinivasan Vaidyanathan as CFO

New Version of TCS iCMC™ Solution to Help Enterprises Accelerate their Cloud Journey

Kamdhenu Ltd starts partial manufacturing operations at paints factory, Alwar

Shreeji Translogistics Ltd Board to consider Interim Dividend & Bonus Issue

5paisa Capital Ltd allots shares on rights basis

KIOCL contributes to Chief Minister's relief fund

CARE downgrades ratings of Shivam Autotech Ltd

Commercial Syn Bags Ltd Board approves Dividend of Rs. 0.80

CRISIL revises outlook on long-term rating of BHEL

Gillette India Ltd appoints Mr. Gagan Sawhney as Additional Director

JK Super Cement announces association with Dabang Delhi as Team Title sponsor in Pro Kabaddi League 2019

Federal Bank Ties Up with Lulu Money, Hong Kong to Offer Instant Money Transfer to India

ITC Sunfeast Cup returns to Ladakh for an exciting second edition

Premier Ltd announces OTS of Rs. 31.17 crore for pending dues with Corporation Bank

Celebrity Fashions Ltd completes sale of property at GST Road, Chennai for Rs. 17 crores

Lupin launches Fluoxetine Tablets USP on receipt of US FDA approval

Gillette India announces fiscal and Q4 results

GE T&D India Ltd announces resignation of Mr. Sunil Wadhwa as MD

Gillette India Ltd board recommends final dividend of Rs. 25

Thangamayil Jewellery Ltd announces opening of 4 new branches in Tamil Nadu

Datamatics recognized as Star Performer in Everest Group Robotic Process Automation products PEAK Matrix™ Assessment 2019

Granules Pharmaceuticals, Inc. completed U.S. FDA inspection with 2 minor observations

TCS Recognized as a Leader in Gartner Magic Quadrant for Global Retail Core Banking

Adani Green Energy Ltd's subsidiary commissions project

Lupin divests Kyowa Criticare to Neopharma group

Mines Tribunal issues stay order against decision of Karnataka Government regarding withdrawal of extension of Mining Lease of Donimalai Mine

L&T Hydrocarbon Engineering consortium receives EPCI project from Saudi Aramco for 28 Jackets

Ethos Limited opens two new stores at Chanakya Mall, New Delhi and Orbit Victoria, Kolkata

SPARC to Provide Update on R&D Pipeline

Biocon's Malaysia Insulin Glargine Manufacturing Facility Receives EU GMP Certification

ICRA A1+ rating reaffirmed for Karur Vysya Bank's Certificates of Deposit

EIH Associated Hotels Ltd updates on renovation of Trident Udaipur

CRISIL A1+ rating assigned to CPs of PNB Gilts Ltd

Infosys Expands Strategic Partnership with Google Cloud

Steep Price Movement in Equity Shares of Tiger Logistics (India) Limited

CRISIL reaffirms rating of Tasty Dairy Specialities Limited

Ind-Ra revises BHEL's outlook to Negative

Procter & Gamble Hygiene and Health Care Ltd board recommends final dividend of Rs. 48

TCS' New York City Marathon App Wins Gold in Best in Biz Awards 2019 International

CRISIL reaffirms ratings of NCL Industries Ltd

Ashoka Metcast Ltd arm commissions steel rolling mill

V-Mart Retail Ltd opens three new stores in Nagaland, Jharkhand and Rajasthan

NMDC Ltd revises prices of Iron Ore w.e.f. 20-08-2019

Lactose India Ltd repays entire loan amount of Rs. 43 crores to Piramal







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019