CRISIL assigns AAA/Stable to ₹350 Crore proposed bank loan; NCD, CP and corporate ratings reaffirmed

CRISIL has assigned CRISIL AAA / Stable to a proposed long-term bank loan facility of ₹350 Crore for Embassy REIT.

Tue 29 Sep 2026

Proposed Bank Loan Facility Rating

CRISIL AAA / Stable for ₹350 Crore

NCD Rating Reaffirmed

CRISIL AAA / Stable on NCDs aggregating Rs.14,650 Crore

Commercial Paper Programme Rating

CRISIL A1+ on Rs. 2,000 Crore CP programme

Corporate Credit Rating

CRISIL AAA / Stable reaffirmed

Rating Date

28-09-2026

What was shared

Embassy REIT disclosed credit rating letters received from CRISIL Ratings Limited under Regulation 23(5) of the SEBI REIT Regulations.

New assignment

• CRISIL AAA / Stable assigned to a long-term bank loan facility of ₹350 Crore proposed to be availed by Embassy REIT.
• CRISIL's letter shows Total Bank Loan Facilities Rated at Rs.350 Crore, described as a Proposed Long Term Bank Loan Facility.
• If the facility is not availed within 180 days from the date of the letter, a fresh revalidation letter from CRISIL is required.

Reaffirmations

• Non-convertible debentures aggregating Rs.14650 Crore: CRISIL AAA / Stable reaffirmed.
• Commercial paper programme of Rs. 2000 Crore: CRISIL A1+ reaffirmed. That letter is valid for 60 calendar days for placing the programme, with a maximum CP maturity of one year.
• Corporate Credit Rating: CRISIL AAA / Stable reaffirmed.
• The annexure lists 17 ISIN-level entries, all marked "Reaffirm", dated 28-09-2026 and confirmed on 28-09-2026.

What the ratings mean

CRISIL states that securities rated AAA carry the highest degree of safety regarding timely servicing of financial obligations and the lowest credit risk. A1+ is described as very strong safety for short-term obligations, also with lowest credit risk.

How investors may read it

For a REIT, borrowing cost and access to debt matter because distributions depend on rental income after interest. A top-grade rating on a proposed new facility, plus no change in existing instrument ratings, indicates the rating agency's current view of credit quality is steady. The bank loan is described as proposed, so it has not yet been drawn. CRISIL keeps all ratings under continuous surveillance and may revise or withdraw them.

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