Ind Ra affirms Phoenix Mills' long-term issuer rating at 'A+/Stable'; Stock slips 2%

6 Jan 2022 , 09:50 AM

India Ratings and Research (Ind-Ra) has affirmed The Phoenix Mills Limited’s (TPML) Long-Term Issuer Rating at ‘IND A+’ while resolving the Rating Watch Negative (RWN). The Outlook is Stable.

Ind Ra also affirmed rating to commercial papers at IND A1+ while resolving the RWN.

The RWN resolution reflects a significant improvement in rent receipts and demonstration of the company’s ability to raise fresh equity in a timely manner in the last six quarters.

Ind-Ra continues to take a consolidated view of TPML and its subsidiaries and joint ventures, collectively referred to as the TPML Group, to arrive at the ratings. This is because all the subsidiaries and joint ventures operate in the similar line of business, most of them share the same brand name and are strategically important for TPML. However, TPML does not guarantee the debt of its subsidiaries and joint ventures.

At around 9:51 AM, Phoenix Mills was trading at Rs959.45 apiece down by Rs21.7 or 2.21% on Sensex.