Fitch Ratings has assigned a stable rating to Mumbai-based Indiabulls Real Estate Ltd.
It has also assigned B+ rating to the company's proposed dollar denominated notes.
"Fitch Ratings has assigned India-based Indiabulls Real Estate Ltd (IBREL) a Long-Term Foreign Currency Issuer Default Rating (IDR) of 'B+'. The Outlook is Stable.
"The agency has also assigned IBREL's proposed US dollar denominated guaranteed notes an expected rating of 'B+(EXP)' and Recovery Rating of 'RR4'," Fitch said in a statement.
The proposed senior notes will be issued IBREL's Jersey- based subsidiary Century Ltd and will be unconditionally and irrevocably guaranteed by IBREL and its key subsidiaries.
The proposed notes will rank pari passu with IBREL's and the other guarantors' existing and future senior unsecured indebtedness. The notes are therefore rated at the same level as IBREL's rating of 'B+', it said.
IBREL has projects across India, with significant presence in the key metropolitan areas of Mumbai, Delhi (NCR) and Chennai. The company has a land bank of about 7 million square metres, which is sufficient to support project development over the next six to seven years based on current plans, FITCH said.
