Credit Rating Updates for Mindspace Business Parks REIT from CRISIL and ICRA
Mindspace Business Parks REIT has received updated credit ratings from two major agencies, CRISIL Limited and ICRA Limited, covering its various debt instruments including Non-Convertible Debentures (NCDs) and Commercial Papers (CPs). The ratings confirm the high degree of safety associated with the REIT's financial obligations across multiple tranches of securities.The ratings have been issued by both agencies to underscore the strong credit profile of Mindspace Business Parks REIT. CRISIL Limited provided a comprehensive series of reaffirmed ratings for various NCD issuances, while ICRA Limited confirmed the status of the Issuer Rating and specific debt programs.
CRISIL Ratings Assessment
CRISIL Limited issued reaffirmed ratings across numerous categories of debt instruments for Mindspace Business Parks REIT. The Issuer Rating was assigned a rating of AAA/Stable.The rating details for Non-Convertible Debentures (NCDs) range from INR 30 crore up to INR 1200 crore, with all these tranches receiving the CRISIL AAA/Stable rating. Commercial Paper (CP) issued by the REIT received a rating of A1+ in the amount of INR 2500 crore.
A summary of the relevant ratings provided by CRISIL Limited is presented below:
| Product | Size of Issue (Crore) | Rating and Outlook |
|---|---|---|
| Issuer Rating | - | AAA/Stable (reaffirmed) |
| Non-Convertible Debentures | INR 30 | AAA/Stable (reaffirmed) |
| Non-Convertible Debentures | INR 40 | AAA/Stable (reaffirmed) |
| Non-Convertible Debentures | INR 50 | AAA/Stable (reaffirmed) |
| Non-Convertible Debentures | INR 100 | AAA/Stable (reaffirmed) |
| Non-Convertible Debentures | INR 150 | AAA/Stable (reaffirmed) |
| Non-Convertible Debentures | INR 175 | AAA/Stable (reaffirmed) |
| Non-Convertible Debentures | INR 200 | AAA/Stable (reaffirmed) |
| Non-Convertible Debentures | INR 225 | AAA/Stable (reaffirmed) |
| Non-Convertible Debentures | INR 450 | AAA/Stable (reaffirmed) |
| Non-Convertible Debentures | INR 500 | AAA/Stable (reaffirmed) |
| Non-Convertible Debentures | INR 550 | AAA/Stable (reaffirmed) |
| Non-Convertible Debentures | INR 570 | AAA/Stable (reaffirmed) |
| Non-Convertible Debentures | INR 800 | AAA/Stable (reaffirmed) |
| Non-Convertible Debentures | INR 1200 | AAA/Stable (reaffirmed) |
| Commercial Paper | INR 2500 | A1+ (reaffirmed) |
ICRA Ratings Assessment
ICRA Limited also assessed the financial standing of Mindspace Business Parks REIT. The Issuer Rating confirmed was rated AAA/Stable (reaffirmed).For debt instruments, ICRA Limited assigned a rating for Non-Convertible Debentures totaling INR 9,040 crore and Commercial Paper amounting to INR 2,500 crore.
The consolidated view of the ratings issued by ICRA Limited is as follows:
| Instrument | Rated Amount (Rs. Crore) | Rating |
|---|---|---|
| Issuer Rating | - | AAA/Stable (reaffirmed) |
| Non-convertible Debenture | 9,040 | AAA/Stable (reaffirmed) |
| Commercial Paper | 2,500 | A1+ (reaffirmed) |
MINDSPACE Stock Price Movement
Today, Mindspace Business Parks REIT shares edged higher, closing at ₹462.33 after gaining 0.26%. The stock saw a total traded volume of 126,895 shares during the day's session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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