We enclose herewith a letter dated December 17, 2018 received from ICRA Limited informing the Company that it has reaffirmed the long-term rating of [ICRA]A+ (pronounced ICRA A plus) and short-term rating of [ICRA]A 1 + (pronounced ICRA A one plus) assigned earlier to the Rs.4367.50 crore Line of Credit of your Company, and also assigned short-term Commercial Paper rating of [ICRA]A 1 + (pronounced ICRA A one plus) to the additional limit of Rs.500 crore. The Outlook on the long-term rating is revised from stable to Negative.
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