Credit Rating Update
Keystone Realtors Receives CRISIL AA-/Stable Rating Reaffirmation for ₹335 Crore NCDs; ₹1,165 Crore Bank Facilities Rated
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rustomjee
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Keystone Realtors Limited has informed the stock exchanges that CRISIL Ratings has assigned a CRISIL AA-/Stablerating to its total bank loan facilities of ₹1,165 crore and reaffirmed the CRISIL AA-/Stable rating on its ₹335 crore Non-Convertible Debentures (NCDs). The ratings indicate a high degree of safety regarding timely servicing of financial obligations and reflect continued credit strength.
PRICE-SENSITIVE TRIGGER
Event: CRISIL assigned ratings to bank loan facilities and reaffirmed ratings on outstanding Non-Convertible Debentures.
Type: Credit Rating Update
Impact: Positive
Immediate Effect: The company continues to maintain an investment-grade CRISIL AA-/Stable credit profile across both its bank borrowings and listed debt securities, supporting lender confidence and financial flexibility.
Financials:
Financial Metrics:
- Total Bank Loan Facilities Rated: ₹1,165 crore
- Bank Loan Rating: CRISIL AA-/Stable (Assigned)
- Outstanding NCDs Rated: ₹335 crore
- NCD Rating: CRISIL AA-/Stable (Reaffirmed)
Bank Facility Break-up:
- Overdraft Facility (Axis Bank): ₹75 crore
- Proposed Term Loan: ₹790 crore
- Term Loan (ICICI Bank): ₹300 crore
Highlight:
- CRISIL reaffirmed the company’s ₹335 crore NCD rating while assigning the same AA-/Stable rating to ₹1,165 crore of bank facilities, demonstrating consistent credit quality across its debt portfolio.
What Happened ?
Keystone Realtors Limited (Rustomjee) informed the exchanges that CRISIL Ratings has completed its review of the company’s debt profile.
The rating agency assigned CRISIL AA-/Stable to the company’s total bank loan facilities aggregating ₹1,165 crore and reaffirmed the existing CRISIL AA-/Stable rating on ₹335 crore Non-Convertible Debentures. Both ratings remain under continuous surveillance by CRISIL.
key details
Credit Rating Actions:
- CRISIL assigned CRISIL AA-/Stable to total bank loan facilities of ₹1,165 crore.
- CRISIL reaffirmed the CRISIL AA-/Stable rating on ₹335 crore Non-Convertible Debentures.
- The ratings signify a high degree of safety regarding timely servicing of financial obligations.
- Both ratings will remain under CRISIL’s continuous surveillance framework.
- The assigned bank facility rating letter remains valid until July 30, 2027, subject to CRISIL’s surveillance process.
Rated Bank Facilities:
- Overdraft Facility – Axis Bank: ₹75 crore
- Proposed Term Loan: ₹790 crore
- Term Loan – ICICI Bank: ₹300 crore
Investor Relevance:
- Stable ratings enhance the company’s credibility with lenders and debt investors.
- Investment-grade ratings can improve financing flexibility for ongoing and future real estate developments.
- Rating reaffirmation reflects continuity in the company’s credit quality rather than a change in financial standing.
Note:
- The disclosure relates solely to CRISIL’s credit rating action and does not involve any change in capital structure, earnings, or operating performance.
Risk Analysis
Summary:
- While the ratings remain investment grade with a Stable outlook, they continue to be subject to CRISIL’s periodic surveillance and may change depending on future business performance, leverage, liquidity, and sector conditions.
Key Risks:
- Credit ratings remain subject to continuous monitoring.
- Significant deterioration in leverage or liquidity could affect future ratings.
- Real estate market cycles may influence future financial performance.
- Higher debt-funded expansion or slower project execution could impact credit metrics.
Worst Case:
- If operating performance weakens materially or leverage increases beyond rating expectations, CRISIL may revise the outlook or downgrade the company’s credit ratings.
Risk Level: Low
Company Commentary
- CRISIL assigned CRISIL AA-/Stable to the company’s total bank loan facilities.
- CRISIL reaffirmed the CRISIL AA-/Stable rating on ₹335 crore Non-Convertible Debentures.
- The ratings reflect a high degree of safety regarding timely servicing of financial obligations.
- The company has disclosed the rating action under Regulation 30 of the SEBI (LODR) Regulations.
Official Exchange Filing: Keystone Realtors Limited
