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Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India’s leading real estate developers, today announced reaffirmation of credit rating by ICRA.
Highlights:
Credit Rating Limits for bank facilities have been reaffirmed at [ICRA]AA+/[ICRA]A1+ with an enhancement of Rs. 6,500 crore. Outlook on the long-term rating is “Stable”. Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.
Rating for INR 2,000 Crore Commercial Paper (CP) reaffirmed at [ICRA]A1+. Instruments with [ICRA]A1+ rating are considered to have a very strong degree of safety regarding timely servicing of financial obligations. Such instruments carry the lowest credit risk.
Long–term rating for INR 4,000 crore NCD Borrowing Program reaffirmed 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 timely servicing of financial obligations. Such instruments carry very low credit risk.
| Rating Agency | Instrument | Amount
(INR in crore) |
Ratings | Rating Actions |
| ICRA Limited
|
Non-Convertible
Debentures Program |
4,000 |
[ICRA]AA+ (Stable) | Reaffirmed |
| Long/Short Term –
Fund-based/Non fund based |
11,000 (enhanced from INR 4,500 Crore) |
[ICRA]AA+(Stable)
(long-term rating) [ICRA]A1+(short-term rating) |
Reaffirmed / Assigned | |
| Commercial Paper |
2,000 |
[ICRA]A1+ | Reaffirmed |