Fitch may boost four India real estate firms

Fitch Ratings said it placed the ratings of four Indian real estate companies on rating watch positive following the improvement of industry fundamentals.

The ratings on positive watch include:

Unitech Ltd.'s national long-term rating of B-(ind), Rs. 5 billion, Rs. 20 billion and Rs. 19 billion long-term debt program of B-(ind), Rs. 5 billion and Rs. 6 billion short-term debt program of F4(ind), Rs. 1 billion short-term bank loan program of F4(ind) and Rs. 3 billion non fund-based bank limits of F4(ind).

Omaxe Ltd.'s national long-term rating of B-(ind) and Rs. 2.3 billion long-term debt program of B-(ind).

Parsvnath Developers Ltd.'s national long-term rating of B-(ind), Rs. 2 billion long-term debt of B-(ind), Rs. 9 billion long-term bank loan of B-(ind) and Rs. 2 billion short-term debt of F4(ind).

Ansal Properties & Infrastructure Ltd.'s national long-term rating of B-(ind), Rs. 1 billion long-term debt program of B-(ind), Rs. 710 million long-term bank loans of B-(ind), Rs. 1.72 billion of fund-based working capital limits of B-(ind), Rs. 200 million short-term bank loans of F4(ind), Rs. 1.5 billion non-fund based working capital limits of F4(ind) and Rs. 1 billion short-term debt of F4(ind).

Fitch said the fundamentals of India's real estate sector are improving, as seen by better liquidity and improved demand in the residential segment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.