From India Ratings & Research
Sunteck Realty announced its long-term issuer rating affirmation of 'AA-' with the outlook upgraded to 'Positive' by India Ratings & Research (Fitch Group). The short term issuer rating has been affirmed A1+.The upgrade in Outlook reflects the credit rating agency's expectation of an improvement in the business profile of Sunteck due to acceleration in the already consolidating residential real estate market, with the pandemic-related disruptions having constrained demand and supply from unorganised real estate developers. The outlook upgrade is also supported by the resilient operating performance of Sunteck despite the pandemic. The price point diversity across completed, ongoing and new project launches, prudent financial policies, strong credit metrics and cashflow visibility also provided conviction to the outlook upgrade.
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