GIC Housing Finance NCDs Secure ‘AA+’ Crisil Rating, Stable Outlook Signals Strong Credit Profile
Mumbai: Crisil Ratings has assigned an ‘AA+’ rating with a stable outlook to GIC Housing Finance’s non-convertible debentures worth ₹500 crore. The rating agency also reaffirmed its ‘AA+’ assessment on the company’s NCDs worth ₹500 crore and ₹430 crore. Both instruments carry a stable outlook. Long-Term Bank Facilities Retain AA+ Rating Crisil reaffirmed its ‘AA+’ rating with a stable outlook on…
Mumbai's GIC Housing Finance has received an 'AA+' rating with a stable outlook for its non-convertible debentures, worth ₹500 crore. The rating agency, Crisil, has also reaffirmed its 'AA+' assessment on other NCDs and long-term bank facilities worth ₹500 crore, ₹430 crore, and ₹8,100 crore respectively. The stable outlook indicates that the rating agency doesn't foresee any significant changes in GIC Housing Finance's credit profile in the medium term.
The 'AA+' rating signifies a high degree of safety when it comes to timely repayment of financial obligations. The rating was withdrawn after the company fully redeemed another ₹600 crore of NCDs, which did not signal a downgrade or deterioration in the company's credit quality. These rating actions are based on the company’s ability to meet its debt obligations, asset quality, liquidity position and housing loan growth.
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