Global rating agency, Fitch Ratings has assigned Indiabulls Real Estate (IBREL) a long-term foreign currency issuer default rating (IDR) of ‘B+’. The outlook is stable. The agency has also assigned the company’s proposed US dollar denominated guaranteed notes an expected rating of ‘B+ (EXP)’ and Recovery Rating of ‘RR4’.
The proposed senior notes will be issued by Jersey-based Century, a wholly owned subsidiary of the company, and will be unconditionally and irrevocably guaranteed by IBREL and its key subsidiaries. The notes will rank pari passu with IBREL’s and the other guarantors’ existing and future senior unsecured indebtedness.
IBREL is engaged in real estate development, directly as well as through various subsidiaries and associate companies. The main focus of IBREL is construction and development of properties, project management, investment advisory and construction services.