Phoenix Mills receives revision in credit ratings

India Ratings and Research has upgraded Phoenix Mills' Long-Term Issuer Rating at 'IND AA-' from IND A+. The Outlook is Stable. The instrument-wise rating actions are as follows:

Term loans - IND AA-/ Stable (upgraded)
Fund based working capital limits - IND AA-/Stable/ IND A+ (Long term upgraded, Short-term affirmed)
Commercial paper - IND A1+ (affirmed)

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