Embassy Office Parks REIT has informed the Exchange regarding Credit rating obtained on 17/04/2025
Awaiting price reaction for this filing.
CRISIL has assigned its highest credit rating of CRISIL AAA/Stable to Embassy REIT's proposed Rs 1,200 crore Non-Convertible Debenture issuance. CRISIL also reaffirmed AAA/Stable on all existing NCDs (Rs 8,950 crore outstanding) and CRISIL A1+ on the Rs 1,100 crore Commercial Paper program, plus the corporate credit rating. The REIT reported 7% YoY revenue growth to Rs 3,190 crore for 9M FY25, with occupancy improving to 87% as of December 2024. Consolidated net debt rose to Rs 19,096 crore from Rs 16,273 crore, partly due to a debt-funded acquisition of Embassy Splendid TechZone (~Rs 1,200 crore) in June 2024. The REIT is planning to raise up to Rs 2,500 crore in equity for debt reduction and upcoming construction.
Positive for the REIT and existing debenture holders — the AAA/Stable rating signals the lowest credit risk and lowest borrowing cost. The new Rs 1,200 crore NCD issuance will support refinancing and ongoing capex, though rising debt levels and refinancing of bullet NCDs remain key monitorables.