Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India’s leading real estate developers, today announced the upgrades in the credit rating for its financial instruments by ICRA.
Highlights:
Long-term Rating for INR 2,500 crore bank facilities of Godrej Properties upgraded to [ICRA] AA+(Stable). The short-term rating has been reaffirmed at [ICRA]A1+. Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.
Rating for INR 1,000 crore NCD upgraded to [ICRA] AA+(Stable). Instruments with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.
Rating for INR 1,500 Crore Commercial Paper (CP) of Godrej Properties Limited has been reaffirmed to [ICRA]A1+(Stable).
[ICRA]A1+ ratings are considered to have a very strong degree of safety regarding timely servicing of financial obligations. Such instruments carry the lowest credit risk.
| Instrument | Amount(INR. in crore) | Ratings | Rating Actions |
| Long/Short Term -Fund-based/Non fund based | 2,500 | [ICRA]AA+(Stable)(long-term rating) [ICRA]A1+(short-term rating) | Upgraded from [ICRA]AA (Positive) Reaffirmed |
| Non-ConvertibleDebenture Program | 1,000 | [ICRA]AA+ (Stable) | Upgraded from [ICRA]AA (Positive) |
| Commercial Paper | 1,500 | [ICRA]A1+ | Reaffirmed |
