Mindspace Business Parks REIT has informed the Exchange regarding Credit rating Review on 29/07/2025
Awaiting price reaction for this filing.
Both ICRA and CRISIL have reaffirmed Mindspace Business Parks REIT's highest safety rating of AAA with a Stable outlook across its issuer rating and all existing Non-Convertible Debenture (NCD) series. ICRA also assigned AAA (Stable) to a new proposed NCD of Rs 1,000 crore and reaffirmed/assigned [ICRA]A1+ to the Commercial Paper (CP) program which was enhanced from Rs 1,550 crore to Rs 2,500 crore. CRISIL similarly reaffirmed CRISIL A1+ on the enhanced Rs 2,500 crore CP program. Total rated debt now stands at Rs 9,340 crore (up from Rs 7,390 crore). ICRA cited strong fundamentals: 91.2% committed occupancy, total debt of Rs 10,127 crore, low loan-to-value of 24.3%, and Debt/NOI of 4.6x.
Reaffirmation of AAA ratings signals continued strong credit quality and low default risk for unit holders and debenture investors. The enhanced CP limit and new NCD facility expand the REIT's borrowing headroom for future acquisitions and growth, which is positive for operational flexibility.