India Ratings Upgrades The Phoenix Mills to 'IND AA-', Outlook Stable

India Ratings and Research (Ind-Ra) has upgraded The Phoenix Mills Limited's (TPML) Long-Term Issuer Rating at 'IND AA-' from IND A+. The Outlook is Stable.

The upgrade reflects a strong recovery in the TPML Group's operating performance across retail and hotel portfolio in FY22 and 1QFY23. The operating metrics are likely to remain strong over the near term, given the strong consumption (mostly above pre-pandemic levels) and occupancy/average room rate (ARR) trends witnessed across Phoenix malls and hotels, respectively, during April-July 2022. Furthermore, over the last few years, TPML has raised equity through a qualified institutional placement(QIP) issuance and stake dilution in some of its assets, leading to a significant improvement in its credit metrics, robust liquidity and the availability of growth capital.

Source : Equity Bulls

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