India Ratings upgrades Capacite Infra to 'IND BBB'; outlook 'stable'

Capacite Infraprojects provides engineering, procurement and construction/turnkey solutions for housing, high rises, super high rises, speciality buildings and urban infrastructure

Capacite Infraprojects on Monday said that India Ratings and Research (Ind-Ra) has upgraded the company's long-term issuer rating to 'IND BBB' from 'IND D'.

The outlook is 'stable', the credit ratings agency said.

Ind-Ra said that the upgrade reflects CIL's timely debt servicing on the term loans since 23 August 2021, as per the information shared by the company along with the confirmation from the lenders in their respective communication with the agency.

The rating upgrade also factors in the improvements in the internal controls and governance measures established by Capacite Infra by way of configuring the auto-debit facility for the term loans