Rating Rationale
July 31, 2020 | Mumbai
Housing Development Finance Corporation Limited
'CRISIL AAA/Stable' assigned to NCDs
 
Rating Action
Rs.45000 Crore Non Convertible Debentures CRISIL AAA/Stable (Assigned)
Rs.9000 Crore Non Convertible Debentures* CRISIL AAA/Stable (Assigned)
Rs.45000 Crore Non Convertible Debentures CRISIL AAA/Stable (Reaffirmed)
Non-Convertible Debentures Aggregating Rs.123436 Crore CRISIL AAA/Stable (Reaffirmed)
Bonds Aggregating Rs.16.4 Crore CRISIL AAA/Stable (Reaffirmed)
Subordinated Debt Aggregating Rs.5000 Crore CRISIL AAA/Stable (Reaffirmed)
Non-Convertible Debentures Aggregating Rs.22964 Crore CRISIL AAA/Stable (Withdrawn)
Rs.3.7 Crore Bond CRISIL AAA/Stable (Withdrawn)
Fixed Deposits FAAA/Stable (Reaffirmed)
Rs.75000 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
*With warrants
Detailed Rationale

CRISIL has assigned its 'CRISIL AAA/Stable' rating to the Rs 45000 crore non-convertible debentures (NCDs) and Rs 9000 crore of NCDs with warrants of Housing Development Finance Corporation Limited (HDFC). The ratings on the other debt instruments and fixed deposits have been reaffirmed at 'CRISIL AAA/FAAA/Stable/CRISIL A1+'.

CRISIL has also withdrawn its rating on HDFC's NCDs worth Rs 22,964 crore and bonds worth Rs 3.7 crore (See Annexure 'Details of Rating Withdrawn' for details), in line with its withdrawal policy. CRISIL has received an independent verification that these instruments are fully redeemed.

From an industry perspective, the nationwide lockdown declared by the Government of India to contain the spread of the Covid-19 pandemic has impacted the disbursements and collections of financial sector entities. The restrictions are being lifted only in a phased manner and the degree of relaxations vary across regions depending upon the severity of covid-19 pandemic. Any delay in return to normalcy will put further pressure on collections and asset quality metrics of NBFCs. Additionally, any change in the behaviour of borrowers on payment discipline can affect delinquency levels.

On the liability side, the Reserve Bank of India (RBI) announced regulatory measures under 'Covid-19 - Regulatory Package', whereby lenders were permitted to grant moratorium on bank loans. CRISIL understands that currently, HDFC is not availing of any moratorium on its bank loans or any other borrowings.

On the asset side, HDFC has offered moratorium to its borrowers and hence, the collections are expected to be below scheduled collections till August 31, 2020. Thereafter, collections could witness challenges as the income streams of the borrowers are likely to be impacted given the current challenging macro environment.

Around 22.6% of individual loans and 27.0% of AUM, had availed the moratorium as on May 31, 2020 (moratorium 1). The same has come down to 16.6% and 22.4%, respectively in moratorium 2. Also, while collections were most impacted in April, CRISIL understands that the collections have improved thereafter. Nevertheless, any delay in return to normalcy could put pressure on collections and asset quality metrics and will be a key monitorable.

CRISIL believes that HDFC has sufficient liquidity to manage this period wherein asset-side collections are impacted, while liability-side outflows continue as per schedule. In terms of liquidity, HDFC, as on June 30, 2020, had liquidity of Rs 45,406 crore in the form of bank balances, liquid fund schemes of mutual funds, deposits with banks, and investments in Government Securities. The total debt payments over the next three months till September 30, 2020 is Rs 63,175 crore.

The ratings continue to factor in HDFC's leading market position and sound track record in the housing finance businesses, healthy asset quality, diversified and stable resource profile, and strong financial risk profile. These strengths are partially offset by exposure to intense competition in the housing finance segment.

Analytical Approach

For arriving at the ratings, CRISIL has consolidated the business and financial risk profiles of HDFC and its subsidiaries and associates. CRISIL expects managerial and financial support to these subsidiaries on account of their strategic importance, majority shareholding and shared brand name.

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:
* Strong market position:
It is India's largest housing finance company, with profitable growth over the past 43 years in the individual housing and corporate segments. While competition has increased over time, with the entry of new players and greater focus by banks on this segment, HDFC has maintained its market share. As on June 30, 2020, HDFC's loan book stood at Rs 465,685 crore, a growth of 12% over the previous year. Gross loans i.e. including loans sold, stood at Rs 531,555 crore as on same date (Rs 5,16,773 crore, respectively, as on March 31, 2020). HDFC Ltd also has sizeable presence in other financial services space including life insurance, general insurance, AMC and education financing business, through its subsidiaries.
 
* Healthy asset quality:
Overall asset quality remains healthy. The gross non-performing assets (NPAs) as on June 30, 2020 was 1.87% (1.99% as on March 31, 2020). The NPAs have witnessed an uptick from March 31, 2017 levels (0.79%), largely on account of delinquencies in non-individual portfolio, leading to an increase in NPAs in this segment to 4.10% as on June 30, 2020 from 1.16% as on March 31, 2017. NPAs in the individual portfolio stood comfortable at 0.92% as on June 30, 2020. With the slowdown in the real estate sector and incipient stress for developers, HDFC's sizeable exposure to the builder and corporate segments will remain a sensitivity factor.
 
* Diversified and stable resource profile:
The resource profile continues to be well-diversified, lending flexibility to HDFC's borrowings. The borrowing mix primarily comprises of market borrowings (43%) and fixed deposits (34%). The share of term loans (including ECBs) in overall borrowings stood at 23% as on June 30, 2020. HDFC's strong resource-raising capabilities, high fixed deposit renewals, and the high proportion of floating rate home loans in its portfolio mitigate the inherent tenure mismatch and interest rate risks in the housing finance business.
 
* Strong financial risk profile:
Financial risk profile remains sound, marked by healthy capitalisation and earnings profile. As on June 30, 2020, HDFC (standalone) had an overall capital adequacy ratio (CAR) of 17.3% and Tier-I CAR of 16.2%. Networth and adjusted gearing, stood at Rs 91,532 crore and 5.4 times, respectively, as on same date. HDFC has also an established track record of raising capital. The last of round of capital raising was done in last quarter of fiscal 2018, wherein the company had raised Rs 13,000 crore. Currently, HDFC plans to raise Rs 14,000 crore of equity capital through a combination of QIP and NCD+ warrants.
 
The earnings profile is marked by healthy interest spreads, low expense levels, and good returns on networth. The interest spread has been range bound between 2.15-2.35% over the past five years (2.27% for fiscal 2020). RoA stood at 3.6% for fiscal 2020, including the one-time consideration that HDFC received from profit on sale of investment for the stake sale in Gruh Finance and profits from fair value change on account of de-recognition of investments in Gruh Finance to tune of Rs 12,541 crore.
 
Weakness:
* Exposed to intense competition in the housing finance industry:
HDFC is exposed to intense competition in the retail mortgage loan segment especially from banks. Lately, with weak corporate loan demand, banks have become aggressive in the retail mortgage space.
Liquidity Superior

Given the longer tenure on asset side, the ALM profile (as on March 31, 2020) had mismatches in few buckets. Nevertheless, on a reported basis, cumulative mismatch for one year was positive. As on June 30, 2020, HDFC has upcoming repayments (excluding CP rollovers) of Rs 63,175 crore of debt (of which Rs 14,300 crore is commercial paper repayments) by September 30, 2020. Against this, the entity has liquidity of around Rs 45,406 crore in the form of bank balances, liquid fund schemes of mutual funds, deposits with banks, and investments in Government Securities as on June 30, 2020. Further cushion is provided by NHB refinance, flexibility to securitize loan assets, and adequate flow of monthly collections. The unaccounted gains of listed equity including the Corporation's subsidiary and associate companies stood at Rs 1.89 lakh crores as at June 30, 2020.

Outlook: Stable

CRISIL believes HDFC will maintain its robust credit risk profile over the medium term, backed by its healthy asset quality, and strong financial risk profile. Strong franchise and fundamentals will, likely, enable the company to maintain its competitive position, supporting its present ratings.

Rating Sensitivity factors
Downward factors
* Deterioration in asset quality with gross NPA ratio crossing over 3% on a steady state basis thereby impacting profitability
* Weakening of capital structure with significant increase in gearing
About the Company

HDFC, a housing finance company, was incorporated in 1977; its initial shareholders included the International Finance Corporation, Washington, and the Aga Khan Trust. As on June 30, 2020, HDFC's Gross loans i.e. including loans sold, stood at Rs 531,555 crore, of which 76% consisted of loans to individuals. Loans to corporate entities, lease rental discounting, and construction finance accounted for 5%, 8% and 11% respectively.
 
The company also has strong presence in life insurance, general insurance, asset management and education financing business through its subsidiaries - HDFC Life insurance company, HDFC Ergo, HDFC AMC and HDFC Credila respectively.
 
For fiscal 2020, HDFC, on a standalone basis, reported a profit after tax (PAT) of Rs 17,770 crore (including profit on sale of investment for the stake sale in Gruh Finance and profits from fair value change on account of de-recognition of investments in Gruh Finance to tune of Rs 12,541 crore) on a total income (net of interest expense) of Rs 27,762 crore, as compared to Rs 9632 crore (including profit on sale of investment of Rs 1,212 crore, part of which was on account of HDFC AMC IPO) and Rs 15,540 crore, respectively, for previous fiscal. For the first three months ended June 30, 2020, reported profit after tax (PAT) on a standalone basis stood at Rs 3,052 crore (including profit on sale of investment for the Rs 1,241 crore) on a total income (net of interest expense) of Rs 5,202 crore.
 
For fiscal 2020, on a consolidated basis, HDFC reported a profit after tax (PAT) of Rs 21,435 crore (post minority interest, profit from associates) on a total income (net of interest expense) of Rs 69,686 crore, as compared to Rs 16,232 crore (post minority interest, profit from associates) and Rs 66,670 crore, respectively, for previous fiscal. PAT for first three months of fiscal 2020 stood at Rs 3,614 crore.

Key Financial Indicators
    Standalone Consolidated
As on March 31  (as per IND AS)   2020 2019 2020 2019
Total assets Rs crore 5,24,094 4,58,778 7,29,815 6,60,875
Total Income (net of interest) Rs crore 27,762 15,540 69,686 66,670
Profit after tax Rs crore 17,770 9,632 21,435 16232
Gross NPA % 2.0 1.2 NA NA
Return on assets % 3.6 2.2 3.1 2.6
Adjusted gearing Times 5.6 5.4 NA NA

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 instrument Date of allotment Coupon rate (%) Maturity
date		 Issue size
(Rs crore)		 Complexity level Rating outstanding with outlook
INE001A07RW5 Debentures 18-Jul-19 7.87% 18-Jul-22 5000 Simple CRISIL AAA/Stable
INE001A07RS3 Debentures 18-Mar-19 8.58% 18-Mar-22 5000 Simple CRISIL AAA/Stable
INE001A07RT1 Debentures 27-Mar-19 8.55% 27-Mar-29 5000 Simple CRISIL AAA/Stable
INE001A07RU9 Debentures 20-Jun-19 8.05% 20-Jun-22 2265 Simple CRISIL AAA/Stable
INE001A07FG3 Debentures 08-Apr-10 8.96% 08-Apr-25 500 Simple CRISIL AAA/Stable
INE001A07FJ7 Debentures 09-Apr-10 8.96% 09-Apr-25 500 Simple CRISIL AAA/Stable
INE001A07FT6 Debentures 18-Aug-10 8.90% 18-Aug-20 500 Simple CRISIL AAA/Stable
INE001A07FV2 Debentures 19-Oct-10 8.95% 19-Oct-20 500 Simple CRISIL AAA/Stable
INE001A07FW0 Debentures 26-Nov-10 8.98% 26-Nov-20 250 Simple CRISIL AAA/Stable
INE001A07FZ3 Debentures 23-Dec-10 9.00% 23-Dec-20 500 Simple CRISIL AAA/Stable
INE001A07GD8 Debentures 18-Jan-11 9.30% 18-Jan-21 400 Simple CRISIL AAA/Stable
INE001A07GO5 Debentures 13-Apr-11 9.40% 13-Apr-21 185 Simple CRISIL AAA/Stable
INE001A07GP2 Debentures 03-May-11 9.40% 03-May-21 1000 Simple CRISIL AAA/Stable
INE001A07GV0 Debentures 10-Jun-11 9.90% 10-Jun-21 400 Simple CRISIL AAA/Stable
INE001A07HA2 Debentures 20-Jul-11 9.55% 20-Jul-21 450 Simple CRISIL AAA/Stable
INE001A07HE4 Debentures 17-Aug-11 9.45% 17-Aug-21 200 Simple CRISIL AAA/Stable
INE001A07HH7 Debentures 23-Sep-11 9.60% 23-Sep-21 250 Simple CRISIL AAA/Stable
INE001A07HJ3 Debentures 11-Nov-11 9.90% 11-Nov-21 670 Simple CRISIL AAA/Stable
INE001A07II3 Debentures 09-May-12 9.50% 09-May-22 200 Simple CRISIL AAA/Stable
INE001A07IO1 Debentures 04-Jul-12 9.50% 04-Jul-22 200 Simple CRISIL AAA/Stable
INE001A07KU4 Debentures 21-Mar-13 8.95% 21-Mar-23 200 Simple CRISIL AAA/Stable
INE001A07MS4 Debentures 24-Jun-14 9.24% 24-Jun-24 510 Simple CRISIL AAA/Stable
INE001A07MX4 Debentures 13-Aug-14 9.50% 13-Aug-24 475 Simple CRISIL AAA/Stable
INE001A07NB8 Debentures 28-Aug-14 9.34% 28-Aug-24 1000 Simple CRISIL AAA/Stable
INE001A07NJ1 Debentures 23-Jan-15 8.40% 23-Jan-25 500 Simple CRISIL AAA/Stable
INE001A07NN3 Debentures 25-Feb-15 8.45% 25-Feb-25 750 Simple CRISIL AAA/Stable
INE001A07NP8 Debentures 04-Mar-15 8.43% 04-Mar-25 600 Simple CRISIL AAA/Stable
INE001A07NZ7 Debentures 31-Aug-15 8.50% 31-Aug-20 2000 Simple CRISIL AAA/Stable
INE001A07OA8 Debentures 18-Sep-15 8.65% 18-Sep-20 1100 Simple CRISIL AAA/Stable
INE001A07O09 Debentures 04-Mar-16 8.75% 04-Mar-21 1558 Simple CRISIL AAA/Stable
INE001A07OS0 Debentures 26-Apr-16 8.35% 26-Apr-21 500 Simple CRISIL AAA/Stable
INE001A07OT8 Debentures 04-May-16 8.32% 04-May-26 500 Simple CRISIL AAA/Stable
INE001A07OW2 Debentures 10-May-16 0.00% 10-May-21 500 Simple CRISIL AAA/Stable
INE001A07OX0 Debentures 13-May-16 8.35% 13-May-26 1035 Simple CRISIL AAA/Stable
INE001A07OY8 Debentures 18-May-16 8.45% 18-May-26 1500 Simple CRISIL AAA/Stable
INE001A07PB3 Debentures 01-Jun-16 8.44% 01-Jun-26 710 Simple CRISIL AAA/Stable
INE001A07PC1 Debentures 15-Jun-16 8.46% 15-Jun-26 1000 Simple CRISIL AAA/Stable
INE001A07PF4 Debentures 24-Jun-16 8.46% 24-Jun-26 535 Simple CRISIL AAA/Stable
INE001A07PJ6 Debentures 29-Jul-16 8.20% 29-Jul-21 500 Simple CRISIL AAA/Stable
INE001A07PN8 Debentures 24-Aug-16 7.90% 24-Aug-26 1000 Simple CRISIL AAA/Stable
INE001A07PV1 Debentures 18-Nov-16 7.72% 18-Nov-26 2000 Simple CRISIL AAA/Stable
INE001A07QG0 Debentures 27-Mar-17 1.50% 27-Mar-27 1800 Complex CRISIL AAA/Stable
INE001A07QH8 Debentures 13-Apr-17 1.50% 13-Apr-27 1680 Complex CRISIL AAA/Stable
INE001A07QJ4 Debentures 24-Apr-17 1.50% 24-Apr-27 1680 Complex CRISIL AAA/Stable
INE001A07QR7 Debentures 16-Jun-17 1.50% 16-Sep-20 2000 Simple CRISIL AAA/Stable
INE001A07QT3 Debentures 20-Jun-17 7.43% 20-Jun-22 720 Simple CRISIL AAA/Stable
INE001A07QY3 Debentures 01-Aug-17 7.20% 01-Sep-20 2000 Simple CRISIL AAA/Stable
INE001A07RC7 Debentures 17-Oct-17 7.40% 17-Nov-20 2500 Simple CRISIL AAA/Stable
INE001A07RG8 Debentures 16-Oct-18 9.05% 16-Oct-28 2953 Simple CRISIL AAA/Stable
INE001A07RJ2 Debentures 20-Nov-18 9.05% 20-Nov-23 4000 Simple CRISIL AAA/Stable
INE001A07RK0 Debentures 29-Nov-18 9.00% 29-Nov-28 9000 Simple CRISIL AAA/Stable
INE001A07RM6 Debentures 12-Dec-18 8.66% 21-Dec-28 5000 Simple CRISIL AAA/Stable
INE001A07RN4 Debentures 15-Jan-19 8.70% 15-Dec-20 5000 Simple CRISIL AAA/Stable
INE001A07RP9 Debentures 1-Feb-19  8.62% 15-Oct-20 2500 Simple CRISIL AAA/Stable
INE001A07RX3 Debentures 14-Aug-19 7.91% 14-Aug-29 2000 Simple CRISIL AAA/Stable
INE001A07RY1 Debentures 16-Sep-19 7.15% 16-Sep-21 2600 Simple CRISIL AAA/Stable
INE001A07RZ8 Debentures 26-Sep-19 7.28% 26-Sep-22 2000 Simple CRISIL AAA/Stable
INE001A07SB7 Debentures 22-Oct-19 8.05% 22-Oct-29 6000 Simple CRISIL AAA/Stable
INE001A07SC5 Debentures 25-Nov-19 6.99% 25-Nov-21 5000 Simple CRISIL AAA/Stable
INE001A07SD3 Debentures 30-Dec-19 7.21% 30-Dec-22 2550 Simple CRISIL AAA/Stable
INE001A07SE1 Debentures 08-Jan-20 7.50% 08-Jan-25 3180 Simple CRISIL AAA/Stable
INE001A07SF8 Debentures 28-Jan-20 6.77% 28-Jun-21 3525 Simple CRISIL AAA/Stable
INE001A07SA9 Debentures 01-Nov-18 9.00% 01-Nov-28 1235 Simple CRISIL AAA/Stable
INE001A07SG6 Debentures 10-Feb-20 7.35% 10-Feb-25 2,510 Simple CRISIL AAA/Stable
INE001A07SH4 Debentures 13-Feb-20 6.99% 13-Feb-23 5,000 Simple CRISIL AAA/Stable
INE001A07SI2 Debentures 28-Feb-20 7.40% 28-Feb-30 2,005 Simple CRISIL AAA/Stable
INE001A07SJ0 Debentures 13-Apr-20 7.20% 13-Apr-23 2,500 Simple CRISIL AAA/Stable
INE001A07SK8 Debentures 27-Apr-20 6.95% 27-Apr-23 1,250 Simple CRISIL AAA/Stable
INE001A07SL6   Debentures 13-May-20 7.06% 13-Dec-21 2,500 Simple CRISIL AAA/Stable
INE001A07SM4 Debentures 19-May-20 7.00% 19-May-22 5,000 Simple CRISIL AAA/Stable
INE001A07SN2 Debentures 10-Jun-20 6.22% 10-Dec-21 5,000 Simple CRISIL AAA/Stable
INE001A07SO0 Debentures 17-Jun-20 7.25% 17-Jun-30 4,000 Simple CRISIL AAA/Stable
NA Debentures* NA NA NA 24750 Simple CRISIL AAA/Stable
NA Debentures** NA NA NA 9000 Complex CRISIL AAA/Stable
NA Debentures* NA NA NA 45000 Simple CRISIL AAA/Stable
INE001A08346 Subordinated debt 17-Feb-11 9.40% 17-Feb-21 1000 Complex CRISIL AAA/Stable
INE001A08353 Subordinated debt 02-Mar-12 9.50% 02-Mar-22 1000 Complex CRISIL AAA/Stable
INE001A08361 Subordinated debt 21-Oct-14 9.60% 21-Oct-24 2000 Complex CRISIL AAA/Stable
INE001A08379 Subordinated debt 24-Feb-15 8.65% 24-Feb-25 1000 Complex CRISIL AAA/Stable
INE001A07694 Bond 27-Feb-98 10.53% 10-Dec-20 4 Simple CRISIL AAA/Stable
INE001A07702 Bond 27-Feb-98 10.53% 10-Jun-21 4 Simple CRISIL AAA/Stable
INE001A07710 Bond 27-Feb-98 10.53% 10-Dec-21 4.2 Simple CRISIL AAA/Stable
INE001A07728 Bond 27-Feb-98 10.53% 10-Jun-22 4.2 Simple CRISIL AAA/Stable
NA Commercial paper NA NA 7-365 days 75000 Simple CRISIL A1+
NA Fixed deposits NA NA NA NA Simple FAAA/Stable
*Yet to be issued
**with warrants and yet to be issued
 
Annexure - Details of Rating Withdrawn
ISIN Name of instrument Date of allotment Coupon rate (%) Maturity date Issue size
(Rs crore)		 Complexity level
INE001A07RQ7 Debentures 28-Feb-19 8.52% 28-May-20 1500 Simple
INE001A07RR5 Debentures 11-Mar-19 8.51% 15-Jul-20 2715 Simple
INE001A07FM1 Debentures 20-May-10 8.65% 20-May-20 250 Simple
INE001A07FR0 Debentures 21-Jul-10 8.79% 21-Jul-20 500 Simple
INE001A07NU8 Debentures 27-Apr-15 8.49% 27-Apr-20 1251 Simple
INE001A07NW4 Debentures 18-May-15 8.70% 18-May-20 1450 Simple
INE001A07RL8 Debentures 18-Dec-18 8.80% 18-Jun-20 1500 Simple
INE001A07QK2 Debentures 19-May-17 7.67% 19-May-20 500 Simple
INE001A07QL0 Debentures 22-May-17 1.50% 22-Jun-20 1250 Simple
INE001A07QM8 Debentures 29-May-17 1.50% 29-Jun-20 750 Simple
INE001A07QP1 Debentures 08-Jun-17 7.60% 26-Jun-20 2000 Simple
INE001A07QQ9 Debentures 13-Jun-17 7.50% 07-Jul-20 1500 Simple
INE001A07PE7 Debentures 20-Jun-16 8.49% 20-Mar-20 500 Simple
INE001A07OP6 Debentures 09-Mar-16 0.00% 09-Mar-20 1000 Simple
INE001A07PX7 Debentures 09-Dec-16 0.00% 09-Mar-20 1000 Simple
INE001A07QB1 Debentures 30-Jan-17 1.50% 30-Mar-20 1000 Simple
INE001A07QD7 Debentures 17-Mar-17 1.51% 17-Mar-20 500 Simple
INE001A07QF2 Debentures 24-Mar-17 7.78% 24-Mar-20 1498 Simple
INE001A07QI6 Debentures 18-Apr-17 1.50% 18-Jun-20 2300 Simple
INE001A07686 Bond 27-Feb-98 10.53% 10-Jun-20 3.7 Simple
Note: Bonds redeemed till 28th July 2020 have been withdrawn 
 
Annexure - List of entities consolidated
Entity consolidated Extent of consolidation Rationale for consolidation
HDFC Asset Management Company Limited Full Subsidiary
HDFC Life Insurance Company Limited Full Subsidiary
HDFC ERGO General Insurance Company Limited Full Subsidiary
HDFC ERGO Health Insurance Company Limited (formerly
known as Apollo Munich Health Insurance Company Limited)		 Full Subsidiary
HDFC Credila Financial Services Limited Full Subsidiary
HDFC Holdings Limited Full Subsidiary
HDFC Investments Limited Full Subsidiary
HDFC Trustee Company Limited Full Subsidiary
HDFC Sales Private Limited Full Subsidiary
HDFC Venture Capital Limited Full Subsidiary
HDFC Property Ventures Limited Full Subsidiary
HDFC Ventures Trustee Company Limited Full Subsidiary
HDFC Pension Management Company Limited Full Subsidiary
HDFC Capital Advisors Limited Full Subsidiary
HDFC Education and Development Services Private Ltd Full Subsidiary
HDFC International Life and RE Company Limited Full Subsidiary
HDFC Investment Trust Full Subsidiary
HDFC Investment Trust-II Full Subsidiary
Griha Investments Full Subsidiary
Griha Pte Limited Full Subsidiary
HDFC Bank Limited Proportionate Associate
True North Ventures Pvt Ltd Proportionate Associate
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  16.40
31-07-20  		CRISIL AAA/Stable  12-03-20  CRISIL AAA/Stable  07-08-19  CRISIL AAA/Stable  21-08-18  CRISIL AAA/Stable  26-12-17  CRISIL AAA/Stable  CRISIL AAA/Stable 
        18-02-20  CRISIL AAA/Stable  06-02-19  CRISIL AAA/Stable  16-01-18  CRISIL AAA/Stable  26-10-17  CRISIL AAA/Stable   
            14-01-19  CRISIL AAA/Stable      27-07-17  CRISIL AAA/Stable   
                    30-01-17  CRISIL AAA/Stable   
Commercial Paper  ST  75000.00  CRISIL A1+  12-03-20  CRISIL A1+  07-08-19  CRISIL A1+  21-08-18  CRISIL A1+  26-12-17  CRISIL A1+  -- 
        18-02-20  CRISIL A1+  06-02-19  CRISIL A1+  16-01-18  CRISIL A1+  26-10-17  CRISIL A1+   
            14-01-19  CRISIL A1+           
Fixed Deposits  FD  0.00  FAAA/Stable  12-03-20  FAAA/Stable  07-08-19  FAAA/Stable  21-08-18  FAAA/Stable  26-12-17  FAAA/Stable  FAAA/Stable 
        18-02-20  FAAA/Stable  06-02-19  FAAA/Stable  16-01-18  FAAA/Stable  26-10-17  FAAA/Stable   
            14-01-19  FAAA/Stable      27-07-17  FAAA/Stable   
                    30-01-17  FAAA/Stable   
Non Convertible Debentures  LT  143686.00
31-07-20  		CRISIL AAA/Stable  12-03-20  CRISIL AAA/Stable  07-08-19  CRISIL AAA/Stable  21-08-18  CRISIL AAA/Stable  26-12-17  CRISIL AAA/Stable  CRISIL AAA/Stable 
        18-02-20  CRISIL AAA/Stable  06-02-19  CRISIL AAA/Stable  16-01-18  CRISIL AAA/Stable  26-10-17  CRISIL AAA/Stable   
            14-01-19  CRISIL AAA/Stable      27-07-17  CRISIL AAA/Stable   
                    30-01-17  CRISIL AAA/Stable   
Short Term Debt  ST                  27-07-17  CRISIL A1+  CRISIL A1+ 
                    30-01-17  CRISIL A1+   
Subordinated Debt  LT  5000.00
31-07-20  		CRISIL AAA/Stable  12-03-20  CRISIL AAA/Stable  07-08-19  CRISIL AAA/Stable  21-08-18  CRISIL AAA/Stable  26-12-17  CRISIL AAA/Stable  CRISIL AAA/Stable 
        18-02-20  CRISIL AAA/Stable  06-02-19  CRISIL AAA/Stable  16-01-18  CRISIL AAA/Stable  26-10-17  CRISIL AAA/Stable   
            14-01-19  CRISIL AAA/Stable      27-07-17  CRISIL AAA/Stable   
                    30-01-17  CRISIL AAA/Stable   
All amounts are in Rs.Cr.
Links to related criteria
Rating Criteria for Finance Companies
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt

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About CRISIL Ratings
CRISIL Ratings is part of CRISIL Limited (“CRISIL”). We pioneered the concept of credit rating in India in 1987. CRISIL is registered in India as a credit rating agency with the Securities and Exchange Board of India (“SEBI”). With a tradition of independence, analytical rigour and innovation, CRISIL sets the standards in the credit rating business. We rate the entire range of debt instruments, such as, bank loans, certificates of deposit, commercial paper, non-convertible / convertible / partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 24,500 large and mid-scale corporates and financial institutions. CRISIL has also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and microfinance institutions. We also pioneered a globally unique rating service for Micro, Small and Medium Enterprises (MSMEs) and significantly extended the accessibility to rating services to a wider market. Over 1,10,000 MSMEs have been rated by us.

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