CRISIL revises outlook of DLF’s long-term bank facilities to ‘Stable’

Credit rating agency, CRISIL has revised its outlook on the long-term bank facilities and debt instruments of DLF to ‘Stable’ from ‘Negative’, while reaffirming the rating at ‘A’; the rating on DLF’s short-term facilities and debt programme has been reaffirmed at ‘A2+’.

The company has received the outlook revision on the back of its significant debt reduction over the medium term, supported by divestments of non-core assets and recent equity infusion of Rs 1,860 crore into the company.

The country’s largest realty firm is targeting to bring down the net debt to Rs 10,000-11,000 crore from Rs 21,350 crore within the next three years with the help of proceeds from the issue of shares and sale of non-core assets.