India Ratings assigns Sunteck Realty 'IND A+' rating

MUMBAI: Rating agency India Ratings has assigned a long-term rating of ‘IND A+’ to Sunteck Realty, the developer said in a release. The rating agency has also assigned 'IND A1+' rating to the company’s short-term issuance.

The rating "IND A+" indicates adequate degree of safety regarding timely servicing of financial obligations and carry low credit risk.

Ind-Ra ratings has considered cash flow visibility, cash & bank balance of Rs 110 crore at end-March 2015 and almost unutilised overdraft/cash credit of Rs 400 crore. The ratings also takes into account the developer’s projects at Bandra-Kurla Complex (BKC) and Goregaon suburb of Mumbai, among other factors.

"The ‘IND A+’ for long term and ‘IND A1+’ for short term re-affirm our Balance Sheet strength & cash flow visibility. We have always focused on cash flows, prudent land buying & turning around land parcel into premium real estate with high margins," said Kamal Khetan, CMD of Sunteck Realty.