S&P rates Indiabulls notes B+

Standard & Poor’s said it assigned a B+ long-term corporate credit rating to Indiabulls Real Estate Ltd.

The agency also said it assigned a B+ long-term issue rating to a proposed issue of senior notes by Century Ltd. Indiabulls guarantees the notes.

The ratings reflect Indiabulls’ untested financial discipline, execution risks stemming from rapid expansion and revenue concentration to a small number of projects over the next 12 to 24 months, S&P said.

The outlook is stable.

The ratings also consider the execution risk surrounding the company’s rapid expansion in a sizable, but highly fragmented Indian property market and low recurring income, the agency said.

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