Ind-Ra assigns ‘IND AAA' rating to IRB InvIT's proposed rupee term loan

19 Aug 2022 , 03:05 PM

IRB InvIT Fund announced that India Ratings and Research (Ind-Ra) has affirmed (IRB InvIT) senior debt rating at ‘IND AAA’. The rating agency affirms Outlook as ‘Stable’.

Further, the rating agency has assigned a provisional ‘IND AAA’ rating with a Stable outlook on the company’s Proposed rupee term loan (RTL) worth Rs341 crore.

The ratings demonstrate IRB InvIT’s excellent capacity to meet external senior financial commitments, including those of the firms that make up its portfolio.

The ratings are based on the robust pool of operating assets with outstanding operational performance, the advantageous location of the project stretches, and the presence of a fixed-price operations and maintenance (O&M) contract completed by all underlying SPVs with IRB Infrastructure Developers Ltd.

The ratings also take into account the projected acquisition of VEPL, which is expected to be wholly financed by debt at first. The planned debt of up to Rs342 crore would be used to pay the transaction.

At around 3.08 PM, IRB InvIT Fund was trading at Rs56.50 down by 0.07% from its previous closing of Rs56.54 on the BSE.