Moody’s rates Indiabulls, notes B1

Moody's Investors Service said it assigned a provisional B1 corporate family rating to Indiabulls Real Estate Ltd., a large Indian real estate developer.

At the same time, the agency assigned a provisional B1 rating to the proposed dollar-denominated notes to be issued by Century Ltd., a wholly owned subsidiary of Indiabulls.

The notes will be guaranteed by Indiabulls and all of its material Indian subsidiaries.

The outlook is stable.

Moody’s said Indiabulls' rating is supported by the good visibility of its cash flows, as provided by contracted sales, and its large area under construction, while an improving economic environment in India will support future sales. The rating is also supported by the company's strong execution capability, strategically located land bank – which is adequate for development over the next five years – and strong margins.

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