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Acuite assigns 'Provisional BBB-/Stable' rating to TARC's Rs1400 crore NCDs

13 Apr 2022 , 12:54 PM

Acuite has assigned the long term rating of ‘Provisional ACUITE BBB-‘ on the Rs1400 crore Proposed NCD of TARC Limited (TARC). The outlook is ‘Stable’.

As per rating rationale report, the rating on the proposed Rs1400 crore NCDs is provisional and the final rating is subject to the following documentation requirements:

  • Receipt of the executed trust deed
  • Receipt of the final term sheet and confirmation from trustee regarding the compliance with all the terms and conditions
  • Legal opinion on the transaction, if applicable
  • No due certificate from the existing lender or any document confirming the repayment of existing loans
Further, the rating assigned is primarily based on the expected improvement in TARC’s liquidity position consequent to the proposed NCD issue.

The timely commencement and completion of TARC’s key real estate projects will continue to remain a rating monitorable, said rating agency.

At around 12:55 PM, TARC stocks was trading at Rs39.30 per piece higher by 0.64% on the BSE.

Related Tags

  • credit ratings
  • news
  • rating outlook
  • ratings
  • TARC Ltd
  • TARC Ltd shares
  • TARC Ltd stocks
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