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India Ratings upgraded Arvind SmartSpaces' Issuer rating & existing Bank Loans (₹400 Cr) to 'IND AA-/Stable' from 'IND A+/Stable'. The agency also assigned 'IND AA-/Stable' to new Proposed NCDs (₹300 Cr) & Bank Loans (₹350 Cr). This reflects sustained improvements in business profile, operational scale, and strong cash flows for the company.