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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.

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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 AgencyInstrumentAmount(Rs. in crore)RatingsRating Actions
India Ratings and Research Private LimitedNon-Convertible Debenture Programme2,500IND AA+/StableAssigned the ratings for INR 2,500 crore
ICRA Limited
Non-ConvertibleDebenture Programme3,000[ICRA]AA+ (Stable)Reaffirmed
Commercial Paper 2,000[ICRA]A1+Reaffirmed
Long/Short Term -Fund-based/Non fund based4,500[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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