The Phoenix Mills Limited's Long-Term Issuer Rating Upgraded by India Ratings From 'IND A' to 'IND A+'

MUMBAI, September 21, 2017 /PRNewswire/ --

Shortterm rating upgraded from A1 to A1+ 

The Phoenix Mills Limited (PML) received Rating Upgrades for Long Term as well as Short Term borrowings. India Ratings and Research (Ind-Ra) has upgraded The Phoenix Mills Limited's (PML) Long-Term Issuer Rating to 'IND A+' from 'IND A' indicating Stable Outlook. Short Term rating too is upgraded from 'A1' to 'A1+' (the highest possible rating for Short Term) which will help the company in raising funds by the way of commercial papers at the least possible cost, any time in future.

Given below are the Instrument-wise rating actions:

   
                                      Size of Issue        Rating /
    Instrument Type   Maturity Date     (million)          Outlook        Rating Action
                                     

                                       INR 7,500
                                     (increased from
      Term Loans       July 2023      INR 7,182.4)      IND A+ / Stable     Upgraded
      Fund-based
      working capital                                   IND A+ / Stable
      facilities*                     INR 1,500           / IND A1+         Upgraded
      Commercial
      papers (CP)#                    INR 1,000           IND A1+           Upgraded

* Working capital facilities are sub-limit of term loan
# CP to be carved out from the existing working capital facility

"Ind-Ra's upgrade of our long term and short term ratings reflects the fundamental strength of PML's retail business which has been generating strong annuity cash flows on a sustainable basis. This was further evident in the recent rating upgrade in Island Star Mall Developers Private Limited (PMC Bengaluru) from BBB+ to A-, and the re-affirmation of Classic Mall 's (PMC Chennai) rating of AA+. These rating will help PML in optimizing its borrowing program," said Mr. Pradumna Kanodia - Director Finance, The Phoenix Mills Limited .

Among the several factors that Ind-Ra considered while upgrading the ratings included PML's strong standalone performance, robust operating cash flow, reduced support required by SPVs, expansion of retail portfolio, etc.

About The Phoenix Mills Limited (PML) 

PML (BSE: 503100 | NSE: PHOENIXLTD) is a leading retail mall developer and operator in India with approximately 6.0 million square feet of retail space spread across 8 malls in 6 gateway cities of India. PML is the pioneer of retail-led, mixed-use developments in India and has developed over 17.5 million square feet spread across retail, hospitality, commercial, and residential asset classes.

For further information, kindly contact:
The Phoenix Mills Limited
Varun Parwal
VP - Finance & Investor Relations
+91-22-3001-6737
[email protected]

Dickenson Group
Mehul Mehta
President - Financial PR
+91-98202-80325
[email protected]