Puravankara credit rating upgraded

Puravankara Limited on September 21 announced that India Ratings and Research (Ind-Ra) has upgraded its long-term rating from ‘IND BBB+’ to ‘IND A-‘.

“We deeply value the Ind-Ra’s recognition of Puravankara’s management of debt obligation, a prudent business strategy that helped achieve this positive and stable upgrade,” said Ashish R. Puravankara, Managing Director, Puravankara Limited.

According to a press release the positive rating can be attributed to a variety of factors. Puravankara, it said, has reduced its net debt while significantly increasing its pre-sales. Its ambitious launch pipeline, which will help monetise its land bank and improve cash flows was also an important contributor, said the release.