News
ICRA, India Ratings and Research assign Godrej Properties’ proposed NCD programmes for Rs 2,000 cr and Rs 2,500 cr
Delhi, August 21, 2023: Godrej Properties Ltd., announced receiving fresh ratings for proposed Non-Convertible Debenture (NCD) borrowing programmes from ICRA and India Ratings and Research Private Limited for Rs 2,000 crore and Rs 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 was also reaffirmed at [ICRA]A1+.
Highlights:
Credit rating for 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 Rs 4,500 crore was reaffirmed at [ICRA]AA+/[ICRA]A1+ and existing NCD of Rs 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.
Short-term rating for the existing commercial paper (CP) programme of Rs 2,000 crore was reaffirmed at [ICRA]A1+. Instruments with this rating are considered to have a very strong degree of safety regarding timely servicing of financial obligations. Such instruments carry the lowest credit risk.
Rating Agency Instrument Amount(Rs. in crore) Ratings Rating Actions India Ratings and Research Private Limited Non-Convertible Debenture Programme 2,500 IND AA+/Stable Assigned the ratings for INR 2,500 crore ICRA Limited Non-ConvertibleDebenture Programme 3,000 [ICRA]AA+ (Stable) Reaffirmed Commercial Paper 2,000 [ICRA]A1+ Reaffirmed Long/Short Term -Fund-based/Non fund based 4,500 [ICRA]AA+(Stable)(long-term rating)[ICRA]A1+(short-term rating) Reaffirmed Non-ConvertibleDebenture Programme (Proposed) 2,000 [ICRA]AA+ (Stable)(long-term rating) Assigned the ratings for INR 2,000 crore
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