Godrej Properties earns stellar ratings on NCD programmes and existing facilities from ICRA & Ind-Ra

In a major financial endorsement, Godrej Properties Ltd. (GPL), a premier real estate developer in India, has secured top-tier ratings from esteemed credit agencies ICRA and India Ratings and Research (Ind-Ra). The ratings have been accorded for its freshly proposed Non-Convertible Debenture (NCD) borrowing programmes totalling INR 4,500 crore and for other existing financial facilities.

Specifically, the proposed NCD programme of INR 2,000 crore received an [ICRA]AA+ rating, an indication of its high safety and minimal credit risk. Similarly, the fresh NCD programme for INR 2,500 crore by Ind-Ra was granted an IND AA+/Stable rating. Both these ratings are accompanied by a “Stable” long-term outlook, affirming the robust financial standing and the timely financial obligation servicing of GPL.

Adding to the accolades, the existing bank facilities valued at INR 4,500 crore and the current NCD of INR 3,000 crore were reaffirmed at an impressive [ICRA]AA+/[ICRA]A1+ rating. Such ratings are symbolic of the low credit risk and the strong financial commitments upheld by the company.

Further strengthening its position in the market, Godrej Properties’ Commercial Paper (CP) programme, with a valuation of INR 2,000 crore, secured a reaffirmation at [ICRA]A1+. This top-tier short-term rating, reflecting the lowest credit risk, emphasizes the company’s unwavering commitment to timely financial obligation servicing.