Cube Highways Trust has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
Cube Highways Trust has received credit rating actions from ICRA and India Ratings. ICRA reaffirmed [ICRA]AAA(Stable) on a Rs. 10,000 crore term loan and Rs. 250 crore non-fund based facility, and assigned [ICRA]AAA(Stable) on a new Rs. 1,160 crore non-convertible debenture (NCD) issue, while reaffirming ratings on existing NCDs of Rs. 1,030 crore and Rs. 860 crore. India Ratings affirmed IND AAA/Stable on the Long-Term Issuer Rating, existing NCDs of Rs. 22.78 billion, bank guarantee of Rs. 2.5 billion, and rupee term loan of Rs. 93.925 billion, and assigned IND AAA/Stable on proposed NCDs of Rs. 11.60 billion. The InvIT's portfolio includes 25 operational road assets spread across 12 states, with healthy toll revenue growth of about 12% in FY24 and 7.5% YoY in 3QFY25.
The highest AAA credit rating with stable outlook from both rating agencies signals strong debt servicing capacity and low risk for bondholders, likely supporting the trust's ability to raise new debt at favourable rates. The proposed new NCD issuance of Rs. 1,160 crore will help refinance existing debt and fund acquisitions, which is positive for long-term unitholders.