Credit rating agency, India Ratings & Research (Ind-Ra) has assigned Phoenix Mills a long-term issuer rating of ‘A’ with stable outlook.
The rating agency has taken a standalone view of the company while factoring into the ratings cash flow from/to its various subsidiaries. The key subsidiaries are SPVs with debt having no-recourse to the holding company.
Phoenix Mills is engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.
