Fitch rates Indore loan B+(ind)

Fitch Ratings said it assigned Indore Treasure Market City Pvt. Ltd. a national long-term rating of B+(ind), along with a B+(ind) rating to its Rs. 1.65 billion long-term loan.

The outlook is stable.

Indore Treasure Market is a special-purpose vehicle set up by Treasure World Developers Pvt. Ltd. to construct and operate a shopping mall, multiplex and entertainment area.

The ratings reflect its success in leasing 20% of the total gross leasable area at its largest upcoming mall in Indore, Fitch said.

The ratings draw comfort from the established track record of the company in the Indore real estate market, the agency said.

The ratings are constrained by the occupancy risk faced by Indore Treasure Market as 80% of the total gross leasable area is still unsold and not leased, Fitch added.

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