DLF's NCDs Worth Rs 900 Cr Get Stable Outlook Rating From ICRA

Rating agency, Investment Information & Credit Rating Agency (ICRA), has given a stable outlook for real estate major DLF's Rs 900 crore worth non-convertible debentures (NCDs).

DLF had launched India's first Commercial Mortgage Backed Securities (CMBS) in 2014. It had raised Rs 900 crore in two rounds of CMBS against two shopping malls -DLF Promenade and DLF Emporio – both located in Delhi.

The rating agency in a statement said, “ICRA has assigned the long-term rating of [ICRA]AA(SO) (pronounced ICRA double A Structured Obligation) to Rs 375 crore NCDs Programme of DLF Promenade Limited.”

It also assigned the long-term rating of [ICRA]AA(SO) to Rs 525 crore NCDs Programme of DLF Emporio Limited, the company said in another statement.

A PTI report said that DLF had a land bank of about 300 million sq ft, of which nearly 50 million sq ft is under construction.