Embassy Office Parks REIT has informed the Exchange regarding Credit rating obtained on 10/07/2025
Awaiting price reaction for this filing.
Embassy Office Parks REIT received CRISIL ratings dated July 10, 2025. CRISIL assigned AAA/Stable to a proposed Rs. 2,000 crore non-convertible debenture (NCD) issue and reaffirmed AAA/Stable on existing NCDs aggregating Rs. 8,700 crore and on the corporate credit rating. CRISIL also reaffirmed A1+ on the Rs. 1,500 crore commercial paper programme. Separately, CRISIL withdrew its AAA/Stable rating on Rs. 500 crore of NCDs that were fully redeemed. Embassy REIT's operating revenue grew 9% YoY to Rs. 4,367 crore in FY25, occupancy rose to 87% (from 85%), and consolidated net debt stood at Rs. 19,655 crore with LTV of 32%.
The continued AAA/Stable rating — the highest investment grade — signals strong creditworthiness and easy access to debt markets for the REIT. Unit-holders should note rising debt levels (up from Rs. 16,273 crore) and a planned Rs. 2,500 crore equity raise aimed at deleveraging, which could be mildly dilutive but supportive of credit quality.