Kerala-based Technopark has achieved CRISIL''s A+/Stable rating, the first time in the last 10 years of CRISIL's review.
The facility was upgraded from CRISIL A/Stable, which it had for the last two consecutive years, on July 20.
The upgraded rating was achieved majorly on the discipline exercised on long-term bank facilities.
"Since the inception of the Technopark, this is for the first time the institution has bagged A+/Stable during the last 10 years of rating with CRISIL. ...The standalone business and financial risk profiles of Technopark were considered by CRISIL for the rating," a release issued by Technopark said.
"From D (Default) rating in 2014, it moved upward to BB, then toBBB, then to A/Stable during 2019 and 2020. This historic accomplishment is recognition for Technopark's strengths, which include steady cash flow with full occupancy in Phases I and III,diversified clientele and long-term lease agreements," it said.
Technopark CEO John M Thomas said Technopark has invariably maintained the strength of its financial stability and track record to win this achievement, despite the adverse conditions that Covid inflicted across the globe. "
Amidst this ubiquitous pandemic, Technopark added around 40 companies to its tenant list, revealing the vigour and vastness of the infrastructure that it offers.
Technopark's continuous improvement in financial position, coupled with infrastructure development, operational efficiency and strong plans have helped in achieving this goal," he said.
Technopark had completely leased out IT office spaces in Phases I & III and also leased the entire land parcel on long-term lease to IT companies/ IT co-developers in Phases I & II.
The list of companies in Technopark currently includes Infosys, UST Global, Tata Consultancy Services (TCS), Ernst & Young, Allianz, IBS Software, Oracle, Nissan, Guidehouse, SunTec, Tata Elxsi, Envestnet and Quest Global, among others.
The growing IT infrastructure facility of Technopark is supported through co-developers such as Embassy-Taurus, Brigade Enterprises, Carnival Infopark, Seaview, Amstor House, and M-Squared.
The CFO of Technopark, Jayanthi L said the rating continues to reflect steady cash flow with healthy occupancy and diverse clientele, along with strong debt protection metrics, bolstered by ample liquidity.
"Our cash flow has remained robust despite the offering of transitory relief to tenants for rent payment as well as forgoing rental escalation for fiscal 20-21 on account of the Covid-19 pandemic," she said.
