Roadstar Infra Investment Trust has informed the Exchange regarding Revision in credit rating on 29/05/2025
Awaiting price reaction for this filing.
ICRA has upgraded the issuer credit rating of Roadstar Infra Investment Trust (RIIT) from [ICRA]BBB+ (Stable) to [ICRA]A (Stable), effective May 29, 2025. The upgrade reflects improvement in the Trust's debt servicing coverage metrics, driven by prepayment of debt and NHAI premium, and the novation of IL&FS Group's senior debt to the InvIT across SPVs. Key developments include BAEL repaying Rs. 394 crore of deferred NHAI premium, and the Trust maintaining a healthy DSRA of Rs. 223 crore, MMR of Rs. 221 crore, and cash balance of Rs. 416.5 crore as of March 31, 2025. Operating income rose to Rs. 689 crore in FY2024 from Rs. 433.6 crore in FY2023, with toll collections growing at ~10% CAGR over FY2019-2025. The outlook remains Stable, though risks from alternative routes, pending contingencies of Rs. 430.4 crore, and past maintenance penalties remain monitorables.
This is a positive credit event for unitholders, signaling improved financial health and lower default risk for the InvIT, which may support unit price stability and reduce borrowing costs going forward. The upgrade reflects stronger cash flows and better debt management across the Trust's six road assets.