Mindspace Business Parks REIT has informed the Exchange regarding Credit rating Review on 17/04/2025
Awaiting price reaction for this filing.
Mindspace Business Parks REIT announced credit rating reviews conducted on April 17, 2025, by ICRA and CRISIL. ICRA reaffirmed its [ICRA]AAA (Stable) rating on the issuer, multiple existing Non-Convertible Debenture (NCD) tranches totalling several thousand crores, and the INR 1,250 Crore Commercial Paper at [ICRA]A1+. ICRA also assigned a fresh [ICRA]AAA (Stable) rating to a new proposed NCD of INR 1,200 Crore. CRISIL similarly reaffirmed CRISIL AAA/Stable on the corporate credit rating and all existing NCD tranches (ranging from INR 30 Cr to INR 800 Cr), assigned CRISIL AAA/Stable to a new INR 1,200 Crore NCD, and reaffirmed CRISIL A1+ on the Commercial Paper programme which was enhanced from INR 1,200 Crore to INR 1,250 Crore.
This is a positive, stability-signalling event for unitholders and debenture holders — both rating agencies have reaffirmed the highest investment-grade rating (AAA/Stable), reflecting strong credit quality and low default risk. Additionally, the assignment of AAA ratings to new INR 1,200 Crore NCD tranches and the enhancement of the Commercial Paper programme indicate continued access to fresh borrowing at attractive rates.