Cube Highways Trust has informed the Exchange regarding Credit rating obtained on 09/06/2025
Awaiting price reaction for this filing.
India Ratings & Research has assigned IND A1+ rating to Cube Highways Trust's proposed Commercial Paper program of INR 13.50 billion, while reaffirming its Long-Term Issuer Rating at the highest IND AAA/Stable. Existing ratings were also affirmed across Non-Convertible Debentures (INR 34.30 billion), Bank Guarantee (INR 2.5 billion) and Rupee Term Loan (INR 80.65 billion, down from INR 93.925 billion). The proposed NCD of INR 80 million had its rating withdrawn as the trust confirmed it will not issue the balance. The reduction in term loan was funded by NCD issuance proceeds. The InvIT holds 25 operational road assets spread across 12 states, with average daily toll collections growing about 8% in FY25 and 10.1% YoY in Q4FY25.
Affirmation of the AAA rating — the highest credit quality — reaffirms strong financial health and should support continued low borrowing costs for the InvIT. The new CP line adds short-term funding flexibility, while the term loan prepayment reflects active liability management, both positive for unitholders.