Bangalore, August 21, 2023: Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India’s leading real estate developers, announced receiving fresh ratings for proposed Non-Convertible Debenture (NCD) borrowing programmes from ICRA and India Ratings and Research Private Limited for INR 2,000 crore and INR 2,500 crore, respectively. Additionally, the long-term rating for existing bank facilities of INR 4,500 crore was reaffirmed at [ICRA]AA+/[ICRA]A1+ along with the existing NCD of INR 3,000 crore reaffirmed at [ICRA]AA+. The Commercial Paper (CP) limits of INR 2,000 crore were also reaffirmed at [ICRA]A1+.
Highlights:
Credit rating for the fresh proposed NCD programme of INR 2,000 crore by ICRA has been assigned at [ICRA]AA+. Outlook on the long-term rating is “Stable”. Instruments with this rating are considered to have a high degree of safety regarding the timely servicing of financial obligations. Such instruments carry very low credit risk.
Credit Rating for fresh proposed NCD programmes of INR 2,500 crore by India Ratings and Research (Ind-Ra) was assigned at IND AA+/Stable.
Long-term rating for existing bank facilities of INR 4,500 crore was reaffirmed at [ICRA]AA+/[ICRA]A1+ and existing NCD of INR 3,000 crore was assigned [ICRA]AA+. Outlook on the long-term rating is “Stable”. Instruments with this rating are considered to have a high degree of safety regarding the timely servicing of financial obligations. Such instruments carry very low credit risk.
The short-term rating for the existing commercial paper (CP) programme of INR 2,000 crore was reaffirmed at [ICRA]A1+. Instruments with this rating are considered to have a very strong degree of safety regarding the timely servicing of financial obligations. Such instruments carry the lowest credit risk.
