CARE reaffirms AAA/Stable for NCDs and issuer rating, A1+ for commercial paper
CARE Ratings has re-affirmed Embassy REIT's credit ratings.
By ScoutQuest · · 2 min read
- NCD Rating
- CARE AAA / Stable
- Commercial Paper Rating
- CARE A1+
- Rated NCD Amount
- Rs. 7,600.00 crore
What the update says
- CARE Ratings Limited reviewed the ratings on 16-10-2026 and re-affirmed them.
- Non-convertible debentures: CARE AAA with a Stable outlook, action Reaffirmed.
- Commercial paper: CARE A1+, action Reaffirmed.
- Issuer (Corporate Credit) rating: CARE AAA with a Stable outlook, action Reaffirmed.
- The trust's FY26 (Audited) and Q1FY27 (Unaudited) operational and financial performance was the basis of the review.
What these ratings mean
CARE AAA is the highest long-term rating category and signals the highest degree of safety regarding timely servicing of financial obligations. CARE A1+ is the highest short-term rating category. A Stable outlook indicates that CARE does not currently expect the rating to change in the near term. A re-affirmation means the rating and outlook are unchanged from before.
Sizes involved
- Total rated NCD amount in the repayment schedule: Rs. 7,600.00 crore, spread across six issued instruments and one proposed line.
- The proposed NCD in that schedule is Rs. 1,000.00 crore.
- Two NCD lines show reduced rated amounts: Rs. 1,400.00 crore (reduced from Rs. 1,500.00 crore) and Rs. 1,000.00 crore (reduced from Rs. 1,600.00 crore).
- Commercial paper: Rs. 2,000.00 crore, described in the CARE letter as the aggregate of all CP issuances outstanding at any point in time.
Points worth noting for investors
- The rating agency flags the CP rating for revalidation if the issue is not made within two months of its letter, that is by December 16, 2026. Once the CP is placed, the rating is valid for the tenure of that instrument till redemption.
- CARE notes that its ratings are opinions on the likelihood of timely payment of obligations and are not recommendations to buy, sell or hold any security.
- The letters also record that ratings do not factor in rating-related trigger clauses in the instrument terms, which can involve acceleration of payments on a downgrade.
How to read this
The disclosure is a periodic credit rating update. A re-affirmation at the highest long-term and short-term categories, with a Stable outlook, is typically read as a confirmation of the trust's credit profile rather than a new development, since neither the rating nor the outlook has changed. The reduced rated amounts on some NCD lines reflect the amounts currently carried in the rating agency's schedule.
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More numbers
- Total rated NCD amount7,600.00
- Commercial paper amount rated2,000.00
- Proposed NCD in repayment schedule1,000.00
- NCD rated amount (reduced from)1,500.00
- NCD rated amount (reduced to)1,400.00
- NCD rated amount (reduced from)1,600.00
- NCD rated amount (reduced to)1,000.00
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