Sunteck Realty's ‘AA-’ long-term and ‘A1+’ short-term ratings reaffirmed by CARE
New Delhi: Mumbai based Sunteck Realty Ltd has got its Long-Term Issuer Rating at 'CARE AA-' with Stable outlook and Short-Term Issuer Rating at 'CARE A1+' from CARE Ratings.
“The reaffirmation of our credit rating in the current scenario is a reflection of our strong brand franchise. We believe home buyers will continue to look for credible projects of reputed and financially strong developers as the pedigree of a trusted brand drives the preference for a new home buyer,” said Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd.
India Ratings and Research Pvt Ltd had earlier reaffirmed the realty firm’s Long-Term Issuer Rating at 'IND AA-' with Stable outlook and Short-Term Issuer Rating at 'IND A1+'. India Rating said that Sunteck’s ability to lower execution risk for ongoing projects as a function of completely in-sourced construction, diversification into commercial and retail projects in strategic locations, adequate liquidity complimented with low debt and low gearing ratios as the key rating drivers.