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Godrej Properties Ltd. (GPL), (BSE scrip id: GODREJPROP), one of India’s leading real estate developers, announced the enhancement in the Commercial Paper (CP) limits to INR 2000 crore from INR 1750 crore by ICRA and CRISIL. Additionally, ICRA has assigned long-term rating of AA+(“stable”) for fresh Non-Convertible Debenture (NCD) of INR 2000 crore.

Highlights:

Credit Rating for Commercial Paper (CP) limits enhanced to INR 2,000 crore from INR 1,750 crore by ICRA and CRISIL. Ratings have been reaffirmed/assigned at [ICRA]A1+ and CRISIL A1+ respectively. Instruments with these ratings are considered to have a very strong degree of safety regarding the timely servicing of financial obligations. Such instruments carry the lowest credit risk.

Credit rating limits for bank facilities of INR 4,500 crore were reaffirmed at [ICRA]AA+/[ICRA]A1+. Outlook on the long-term rating is "Stable". Instruments with this rating are considered to have a high degree of safety regarding the timely servicing of financial obligations. Such instruments carry very low credit risk.

Long-term rating for INR 1,000 crore Non-Convertible Debenture (NCD) borrowing program reaffirmed to [ICRA] AA+ and fresh NCD of INR 2,000 crore assigned to [ICRA] AA+. Outlook on the long-term rating is "Stable". Instruments with this rating are considered to have a high degree of safety regarding the timely servicing of financial obligations. Such instruments carry very low credit risk.

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