Godrej Properties ₹2,000 Cr, ₹2,500 Cr NCD Get Fresh Ratings

Godrej Properties Limited, a real estate developer, 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 through an exchange filing.

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.

Additionally, the long-term rating for existing bank facilities of Rs 4,500 crore was reaffirmed at [ICRA]AA+/[ICRA]A1+ along with the existing NCD of Rs 3,000 crore 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 the timely servicing of financial obligations. Such instruments carry very low credit risk.

The Commercial Paper (CP) limit of Rs 2,000 crore was also 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.