Credit rating agency, Brickwork Ratings has upgraded the rating assigned to long-term bank loan facilities amounting Rs 973.50 crore sanctioned to Sobha Developers. The credit rating agency has upgraded the Term Loans amounting Rs 668.50 crore and Cash Credit Facilities amounting to Rs 305.00 crore from ‘A-’ to ‘A’.
The above said rating ‘A’ stands for a credit facility that is considered to have adequate degree of safety regarding timely servicing of financial obligation.
Sobha has presence in seven cities -- Bangalore, Gurgaon, Chennai, Pune, Coimbatore, Mysore and Thrissur. It has completed 83 projects aggregating to 20.78 million sq ft of saleable area and is presently developing 43 projects with 17.4 million sq ft of saleable area.