CRISIL assigns ‘AA-/Stable’ rating to Ashoka Buildcon’s NCD programme

28 Oct 2014

Credit rating agency, CRISIL has assigned ‘AA-/Stable’ rating to the non-convertible debentures (NCD) programme of Ashoka Buildcon, while the rating agency has reaffirmed its ratings on the bank facilities and debt programme of the company at ‘AA-/Stable/A1+’.

The ratings continue to reflect the Ashoka group’s established track record in executing engineering, procurement, and construction (EPC) contracts and BOT road projects, and its sound financial risk profile, marked by healthy net worth, low gearing, and comfortable debt protection metrics. These rating strengths are partially offset by the continued funding support required by the group's subsidiaries, and its working-capital-intensive operations.

Ashoka Buildcon builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis. It currently operates one of the highest numbers of toll-based BOT projects in India.

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