Embassy Office Parks REIT has informed the Exchange regarding Credit rating Review on 10/07/2025
Awaiting price reaction for this filing.
CRISIL has reaffirmed its AAA/Stable rating on Embassy Office Parks REIT's existing non-convertible debentures (NCDs) aggregating Rs 8,700 crore, Rs 100 crore NCDs (reduced from Rs 600 crore), and the corporate credit rating. CRISIL A1+ was reaffirmed on the Rs 1,500 crore commercial paper programme. A fresh AAA/Stable rating was assigned to a proposed Rs 2,000 crore NCD issuance. One old NCD rating of Rs 500 crore was withdrawn as those debentures were fully redeemed. For FY25, Embassy REIT's operating revenue grew 9% YoY to Rs 4,367 crore, with occupancy improving to 87% and net operating income at Rs 3,546 crore (81% margin). Consolidated net debt rose to Rs 19,655 crore due to the ESNP acquisition, with LTV at 32%.
Continued AAA/Stable rating signals strongest credit quality and lowest refinancing risk for unit holders; REIT remains well-positioned to raise new debt cheaply and is planning an equity raise of up to Rs 2,500 crore to reduce leverage further.