Housing & Urban Development Corporation Limited — Credit Ratings, 14-05-2025: Credit Rating

ICRA has reaffirmed HUDCO’s [ICRA]AAA (Stable) rating on its borrowing programmes and assigned the same rating to a new Rs. 65,000 crore long-term borrowing programme. The rating reflects HUDCO’s sovereign ownership (75% by the Government of India) and its key role in social housing and urban infrastructure financing. Strong capitalization with a capital adequacy ratio of 47%, a PAT of Rs. 2,709 crore in FY2025, and a predominantly government-backed loan portfolio limit credit risk despite some state-level concentration. Healthy financial flexibility and a diversified liability profile support stable borrowing costs and investor confidence, maintaining a stable outlook.