Domestic and International Credit Rating

1. Domestic: -
• ICRA

ICRA has assigned a rating of “[ICRA] AAA (Stable)” to our long-term bonds, long-term bank facilities and fixed deposit programme. Further, ICRA has assigned a rating of “[ICRA] A1+” to our short-term debt programme and the short-term bank facilities availed by us.

Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk.

• India Ratings and Research Private Limited (Fitch Group)- “IRRPL”

IRRPL, has assigned a rating of “IND-AAA” to our domestic bonds, long-term bank facilities and domestic term deposit scheme. Further, IRRPL has assigned a rating of “IND A1+” to our short-term debt/ commercial paper programme and the short-term bank facilities availed by us.

Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk.

• CARE

CARE has assigned a rating of “CARE AAA” to our long-term bonds, long-term bank facilities and fixed deposit programme. CARE has assigned a rating of “CARE A1+” to our short-term debt/ commercial paper programme and the short-term bank facilities availed by us.

Instruments with this rating are considered to offer the highest degree of safety regarding timely servicing of financial obligations. Such issuers carry lowest credit risk.

2. International: -
• Moody’s Investor Service, Singapore – has assigned/ affirmed the ratings of Housing and Urban Development Corporation Ltd. (HUDCO) at “Baa3” level with ‘Stable’ outlook, equivalent to that of India’s Sovereign Rating.
• Fitch Ratings - has assigned/ affirmed the ratings of Housing and Urban Development Corporation Ltd. (HUDCO) at “BBB-” level (i.e., at the sovereign level) with the ‘Stable Outlook’.
The ratings assigned by the International Credit Rating agencies are equivalent to that of India’s Sovereign Rating.