2 hrs ago
GIC Housing Finance NCDs Receive AA+ Rating With Stable Outlook
Crisil Ratings gave GIC Housing Finance’s new ₹500 crore debt a strong AA+ rating.
The rating means the company is considered highly likely to repay its financial obligations on time.
The rating has a stable outlook, meaning Crisil does not expect a major change in the company’s credit strength soon.
Crisil also kept the same rating on two existing NCD issues.
The company’s long-term bank loans retained an AA+ rating.
Its short-term bank borrowing retained an A1+ rating.
Crisil removed the rating from ₹600 crore of debt because that debt had already been fully repaid.
The removal was not a downgrade.
GIC Housing Finance shares rose 2.5% to ₹139.35 on Friday.
Crisil Ratings assigned an AA+ rating with a stable outlook to ₹500 crore of GIC Housing Finance non-convertible debentures.
Crisil reaffirmed AA+ ratings on existing NCDs worth ₹500 crore and ₹430 crore.
The company’s ₹8,100 crore long-term bank facilities retained their AA+ rating, while ₹1,000 crore in short-term facilities kept an A1+ rating.
Crisil withdrew its rating on ₹600 crore of NCDs after confirming that the instruments had been fully redeemed.
GIC Housing Finance shares closed at ₹139.35 on the National Stock Exchange, up 2.5% during Friday’s session.
- Who
- Crisil Ratings and GIC Housing Finance.
- What
- Crisil assigned and reaffirmed AA+ ratings with stable outlooks on GIC Housing Finance debt and reaffirmed ratings on its bank facilities.
- Where
- The announcement concerned Mumbai-based GIC Housing Finance and its listed shares on the National Stock Exchange.
- When
- The rating announcement was disclosed to stock exchanges on Saturday; the shares rose during Friday’s session.
- Why
- The ratings assess GIC Housing Finance’s ability to meet its debt obligations; one rating was withdrawn because the underlying NCDs had been fully redeemed.
Key facts
- Newly rated NCDs
- ₹500 crore; assigned AA+ with a stable outlook
- Existing NCDs
- ₹500 crore and ₹430 crore; ratings reaffirmed at AA+ with stable outlook
- Long-term bank facilities
- ₹8,100 crore; AA+ rating reaffirmed with stable outlook
- Short-term bank facilities
- ₹1,000 crore; A1+ rating reaffirmed
- Redeemed NCDs
- ₹600 crore; rating withdrawn after full redemption
- Share price
- ₹139.35 on the National Stock Exchange, up 2.5% during Friday’s session
Sources
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