Mindspace Business Parks REIT has informed the Exchange regarding Credit rating Review on 09/06/2025
Awaiting price reaction for this filing.
ICRA has reaffirmed Mindspace Business Parks REIT's credit ratings on June 9, 2025. The issuer rating and all Non-Convertible Debentures (NCDs) totaling Rs. 5,840 crore have been reaffirmed at ICRA AAA/Stable, the highest investment grade. The Commercial Paper (CP) rating of ICRA A1+ has also been reaffirmed and assigned for an enhanced limit, increased from Rs. 1,250 crore to Rs. 1,550 crore. Total rated instruments stand at Rs. 7,390 crore. The reaffirmation reflects Mindspace REIT's strong portfolio with 91.2% committed occupancy as of March 2025, low leverage with loan-to-value of 24.3%, and total debt of Rs. 10,127.1 crore. Liquidity remains strong with Rs. 638 crore in cash and Rs. 487 crore in unutilized overdraft facilities.
Positive for unitholders and debenture holders — the highest credit rating has been maintained, signaling continued financial strength and low default risk. The enhanced CP limit of Rs. 300 crore also reflects the agency's confidence in the REIT's short-term creditworthiness.