ICRA revises rating of Peninsula Land’s NCDs worth Rs 530.53 crore

Credit Rating agency, ICRA has revised rating of Peninsula Land’s Non-Convertible Debentures (NCDs) worth Rs 530.53 crore to ‘BB’. The rating agency has stated that the downward revision in the rating is on account of the company’s debt servicing ability in the near term being challenged due to lack of collections in one of the company's large sized completed projects due to long delays in receipt of Occupancy Certificate (OC). Additionally, weak economic environment has impacted sales and collections in many of the company's projects.

Peninsula Land is a holding company engaged in construction business. The company is engaged in the business of real estate development. Its segments include Realty, Renting and Others.