IRB Infrastructure Developers Limited — Credit Ratings, 03-01-2025: Credit Rating

India Ratings and Research (Ind-Ra) has affirmed IRB Infrastructure Developers Limited's (IRB) Long-Term Issuer Rating at ‘IND AA-’ with a Stable Outlook. The affirmation reflects IRB's solid financial health, characterized by stable revenue generation and manageable debt levels.

The rating action also covers instrument-specific adjustments: Non-Convertible Debentures (NCDs) size has been reduced to ₹630 million, while Non-fund based working capital limits remain at ₹12,000 million and a Term Loan has been adjusted to ₹3,419 million. The consistent rating indicates investor confidence in IRB’s ability to handle its financial obligations effectively.

This stable rating suggests that IRB’s borrowing costs are likely to remain favorable, positively impacting investor sentiment and future strategic initiatives. The company’s ability to maintain its ratings will depend on effective debt management and continued revenue stability in a competitive infrastructure sector.