Godrej Properties’ commercial paper limits enhanced by ICRA and CRISIL

23 Jun 2023 , 11:49 AM

Godrej Properties Ltd. (GPL) announced an increase in Commercial Paper (CP) limits by ICRA and CRISIL to Rs 2,000 crore from Rs 1,750 crore. Ratings of ICRA A1+ and CRISIL A1+ have been reaffirmed/assigned.

In addition, ICRA has assigned a long-term rating of AA+ (stable) to a new Rs 2,000 crore Non-Convertible Debenture (NCD). Outlook on these instruments is reaffirmed as ‘Stable’.

Instruments with these ratings are considered to have a very high level of safety in terms of timely servicing of financial obligations. These instruments pose the lowest credit risk.

Credit rating limits of Rs 4,500 crore for bank facilities were reaffirmed at ICRA AA+/ICRA A1+. The long-term rating outlook is ‘Stable.’ Instruments with this rating have a high level of safety in terms of timely servicing of financial obligations. These instruments contain very low credit risk.

Further, the Long-term rating on Non-Convertible Debenture (NCD) borrowing worth Rs 1,000 crore has been reaffirmed at ICRA AA+. Outlook on such rating has been reaffirmed as ‘Stable’.

At around 11.25 AM, Godrej Properties was trading 0.74% lower at Rs 1,486.65 apiece, against the previous close of Rs 1,497.80 on NSE. The counter touched an intraday low of Rs 1,478.70.

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