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CARE reaffirms rating of HUDCO's bank facilities worth ~Rs25,000 crore; stock adds ~1%

7 Sept 2022 , 12:35 PM

Housing and Urban Development Corporation Limited (HUDCO) informed that the rating agency CARE Ratings Limited reaffirmed its surveillance credit rating.
The rating agency has reaffirmed the long-term rating at ‘CARE AAA’ and has given a Stable outlook to the same.
Further, the rating on short-term bank facilities was reaffirmed at ‘CARE A1+’.
The rating agency has reviewed total bank facilities worth Rs25,000 crore of HUDCO.
As per the company’s filing with the exchanges, the company’s long-term borrowing programme worth Rs61,591.75 crore has also been reviewed, and the rating reaffirmed at ‘CARE AAA.’
CARE also reviewed commercial papers worth Rs10,000 crore and a fixed deposit programme worth Rs50 crore.
The reaffirmation of ratings for various instruments of HUDCO continues to benefit from the Government of India (Gol). GoI is the majority stakeholder (81.81% as of June 30, 2022), and HUDCO is strategically crucial to Gol to implement various government policies in the social housing and urban infrastructure-related sectors, state CARE in its rating rationale.
At around 12.33 PM, HUDCO was trading at Rs41.90 up by 0.48% from its previous closing of Rs41.70 on the BSE. The scrip touched intraday high and low of Rs42 and Rs41.50 respectively.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • CARE Ratings
  • credit rating
  • HUDCO
  • HUDCO Credit Rating
  • HUDCO news
  • HUDCO Share
  • HUDCO Updates
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