ICRA gives stable outlook rating for DLF's NCDs worth Rs 900cr

India's largest realty firm DLF today said that rating agency ICRA has given a stable outlook for its Rs 900 crore worth non-convertible debentures (NCDs).
Last year, the company launched the country's first CMBS (Commercial Mortgage Backed Securities). It raised Rs 900 crore in two rounds of CMBS against two shopping malls -DLF Promenade and DLF Emporio - located in the national capital.
"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 Ltd (DPL)," DLF said in a filing to the BSE.
An SO rating is specific to the rated issue, its terms, and its structure. These ratings do not represent ICRA's opinion on the general credit quality of the issuers concerned, it added.

DLF said that ICRA has also assigned the long-term rating of [ICRA]AA(SO) to Rs 525 crore NCD Programme of DLF Emporio Ltd.
"The long term rating carries a Stable outlook."
DLF has a land bank of about 300 million sq ft, of which nearly 50 million sq ft is under construction.