Cube Highways Trust has informed the Exchange regarding Credit rating obtained on 09/06/2025
Awaiting price reaction for this filing.
Cube Highways Trust, an InvIT holding 25 road assets across 12 states, received credit ratings from India Ratings & Research on June 9, 2025. The long-term issuer rating was affirmed at IND AAA/Stable, along with existing non-convertible debentures (INR 34.30 billion), bank guarantees (INR 2.50 billion), and rupee term loan (INR 80.65 billion). A new rating of IND A1+ was assigned to proposed commercial papers of INR 13.50 billion. The rupee term loan size was reduced from INR 93.93 billion to INR 80.65 billion, as proceeds from new NCD issuances were used to prepay the term loan. A small proposed NCD tranche of INR 0.08 billion was withdrawn as the trust will not avail the balance issuance. The trust reported healthy 8% growth in average daily toll collections in FY25 and has completed eight distribution cycles totalling INR 27.69 billion to unitholders.
Affirmation of the highest AAA/Stable rating reflects strong credit quality and supports continued access to low-cost debt. The new INR 13.50 billion commercial paper facility enhances short-term funding flexibility, while the term loan prepayment via NCDs indicates disciplined liability management. Positive for unitholders as credit profile remains robust with net debt/EV below 45%.