Knowledge Realty Trust has informed the Exchange regarding Credit rating obtained on 16/09/2025
Awaiting price reaction for this filing.
ICRA has assigned its highest credit rating of [ICRA]AAA (Stable) to Knowledge Realty Trust's proposed Non-Convertible Debentures worth Rs. 1,600 crore. The trust's overall issuer rating has also been reaffirmed at [ICRA]AAA (Stable). KRT is India's second-largest REIT by leasable area with a 46.3 million sq ft portfolio of Grade-A commercial offices spread across 6 cities (Bengaluru, Hyderabad, Mumbai, Chennai, Ahmedabad, Gurugram). The trust enjoys strong fundamentals including 91% committed occupancy, reputed tenants like multinational corporates, and is backed by Blackstone Group and Sattva Group as sponsors. ICRA expects low leverage with LTV around 19% post-issue (likely under 30% medium-term), comfortable debt-to-net-operating-income of 3.0-3.5x, and 5-year debt service coverage ratio above 2.5x.
AAA rating with Stable outlook — the highest possible — signals strong credit quality and low default risk. This helps the trust raise the proposed Rs. 1,600 crore NCDs at lower borrowing costs, which is positive for unit holders. Watchpoints for future ratings include occupancy dropping below 80% or LTV rising above 40%.