ICRA reaffirms credit rating of Godrej Properties Limited

Bengaluru, February 19, 2024

Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India’s leading real estate developers, today announced reaffirmation of credit rating by ICRA. 

Highlights:

Credit Rating Limits for bank facilities have been reaffirmed at [ICRA]AA+/[ICRA]A1+ with an enhancement of Rs. 6,500 crore. Outlook on the long-term rating is “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 2,000 Crore Commercial Paper (CP) reaffirmed at [ICRA]A1+. Instruments with [ICRA]A1+ rating are considered to have a very strong degree of safety regarding timely servicing of financial obligations. Such instruments carry the lowest credit risk.

Long–term rating for INR 4,000 crore NCD Borrowing Program 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 timely servicing of financial obligations. Such instruments carry very low credit risk.

Rating Agency Instrument Amount

(INR in crore)

Ratings Rating Actions
ICRA Limited

 

 

Non-Convertible

Debentures Program

4,000

[ICRA]AA+ (Stable) Reaffirmed
Long/Short Term –

Fund-based/Non fund based

11,000

(enhanced from INR 4,500 Crore)

[ICRA]AA+(Stable)

(long-term rating)

[ICRA]A1+

(short-term rating)

Reaffirmed / Assigned
Commercial Paper

2,000

[ICRA]A1+  Reaffirmed