Cube Highways Trust has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
Cube Highways Trust has disclosed credit rating actions from ICRA and India Ratings. ICRA reaffirmed [ICRA]AAA(Stable) for the existing Rs. 10,450 crore term loan, Rs. 250 crore bank guarantee, and NCDs totaling Rs. 3,042 crore, and assigned [ICRA]AAA(Stable) for a fresh Rs. 825 crore NCD programme yet to be placed. India Ratings affirmed IND AAA/Stable on the issuer rating, Rs. 3,430 crore of NCDs, Rs. 8,315 crore of bank facilities, and IND A1+ on Rs. 1,350 crore of commercial papers, and assigned IND AAA/Stable on proposed NCDs of Rs. 825 crore. The Trust now operates 27 road assets with projected average DSCR above 1.8x and net leverage around 56%. As part of the rationale, ICRA noted that the High Court has granted a stay on further deductions for the Mangloor Highways (MHPL) SPV, where a ~Rs. 135 crore penalty from NHAI is under arbitration.
Reaffirmation of the highest AAA rating across all debt instruments signals strong financial health and easy access to low-cost borrowing for the InvIT, which is positive for unitholders. The High Court stay on the MHPL penalty protects near-term cash flows from a potentially material deduction.