Cube Highways Trust has informed the Exchange regarding Credit rating Review on 18/04/2025
Awaiting price reaction for this filing.
Cube Highways Trust had its credit ratings reviewed by ICRA and India Ratings. ICRA reaffirmed [ICRA]AAA(Stable) on the Rs. 10,000 crore term loan, Rs. 250 crore non-fund based facility, and existing NCDs of Rs. 1,030 crore and Rs. 860 crore, while assigning [ICRA]AAA(Stable) to new NCDs of Rs. 1,160 crore. India Ratings affirmed IND AAA/Stable on the Long-Term Issuer Rating, existing NCDs of INR 22.78 billion, bank guarantee of INR 2.5 billion, and rupee term loan of INR 93.925 billion (maturing March 2042). India Ratings also assigned IND AAA/Stable to proposed NCDs of INR 11.60 billion. The trust, which holds 25 operational road assets spanning 1,940 km across 12 states, has completed seven distribution cycles totalling INR 22.69 billion to unitholders till 3QFY25.
Reaffirmation of the highest AAA(Stable) rating from both major agencies signals strong credit quality and low default risk for unit holders. New ratings assigned to proposed NCDs indicate upcoming fund-raising plans likely for refinancing or further acquisitions, which is credit-neutral but will be a key monitorable for leverage levels.