Nexus Select Trust has informed the Exchange regarding Credit rating Review on 20/01/2026
Awaiting price reaction for this filing.
Crisil Ratings has assigned its highest short-term rating Crisil A1+ to a new Rs 500 crore Commercial Paper programme of Nexus Select Trust (NxST), a Blackstone-sponsored REIT. The agency also reaffirmed its Crisil AAA/Stable rating on Rs 2,000 crore of Non-Convertible Debentures and the overall corporate credit rating. A Rs 700 crore NCD rating was withdrawn because those debentures were fully redeemed. Separately, India Ratings assigned IND A1+ to a Rs 600 crore Commercial Paper. Crisil cited NxST's strong business profile — 96.9% occupancy across 19 malls, NOI margin of 75% — and comfortable financials with gross debt of Rs 5,848 crore, LTV around 20%, and Rs 820 crore in cash and equivalents as on September 30, 2025. The outlook on the long-term rating remains Stable.
Reaffirmation of the top-tier AAA/Stable rating signals continued strong credit quality and easy access to debt markets for the REIT. The new Rs 500 crore Commercial Paper line gives NxST additional short-term funding flexibility, while the redemption of Rs 700 crore of NCDs reflects healthy cash flow and no signs of refinancing stress for unit holders.