Godrej Properties Ltd’s shares have risen 0.84 per cent in intra-day trading after the company reported receiving notable credit ratings for its proposed non-convertible debenture (NCD) borrowing programmes.
ICRA and India Ratings and Research Pvt Ltd have assigned an rating of ‘AA+’ rating for its Rs 2,000-crore programme and ‘AA+/Stable’ for the Rs 2,500 crore programme, respectively.
The ratings underscore the safety and reliability of these NCD programmes, signifying the company’s ability to meet its financial obligations on time and a low credit risk.
Additionally, GPL’s existing bank facilities of Rs 4,500 crore retain their [AA+/A1+) rating, and the existing NCD of Rs 3,000 crore maintains its ‘AA+’ rating, all with a “stable” outlook.
Further, the Commercial Paper (CP) limits of Rs 2,000 crore have been reaffirmed at ‘A1+’, signifying a strong degree of safety regarding timely financial obligation servicing, and the lowest credit risk.
The shares were trading up by 0.60 per cent at Rs 1,534.95 an 11.40 am on the BSE.