Fitch: Indiabulls notes B+

Fitch Ratings said it assigned a final rating of B+ to Indiabulls Real Estate Ltd.’s $175 million 10¼% senior notes due Nov. 12, 2019 with a recovery rating of RR4.

The final rating follows the receipt of documents conforming to information already received and is in line with the expected rating assigned in October, the agency said.

The senior notes were issued by Century Ltd., a wholly owned subsidiary of Indiabulls, Fitch said, and will be unconditionally and irrevocably guaranteed by Indiabulls and its key subsidiaries.

The notes will rank pari passu with the company’s existing and future senior unsecured indebtedness, the agency said.

The proceeds will be used to repay prior financing obtained to fund the company’s London property purchase, Fitch said.

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