PR84062

BENGALURU, India, May 18 /PRNewswire=KYODO JBN/ --

    On 16 May 2020, CRISIL reaffirmed the 'CRISIL AAA/Stable' rating on INR

36.5 billion non-convertible debentures (NCDs) of Embassy Office Parks REIT

(NSE: EMBASSY)(BSE: 542602)('Embassy REIT').

    Mike Holland, Chief Executive Officer of Embassy REIT, said, "Embassy REIT

is India's first and only listed REIT. This assigned credit rating is an

assessment of the inherent strengths of Embassy REIT such as our low LTV ratio,

stable revenues, ample liquidity and a track record of delivery. Our core

business proposition of predictable, cash flows and quarterly distributions

generated through strong underlying properties and rental streams secured by

high quality occupier base of largely multinational companies has resulted in

this reaffirmation of the AAA/Stable status by CRISIL."

    In its rating rationale, CRISIL stated, "The rating continues to reflect

Embassy REIT's comfortable loan-to-value (LTV) ratio — driven by low debt

levels and strong debt protection metrics, supported by a cap on incremental

borrowing — and stable revenue from the underlying assets given high-quality

commercial assets, high occupancy levels, and geographical diversification.

These strengths are partially offset by susceptibility to volatility in the

real estate sector, resulting in fluctuations in rental rates and occupancy."

    Disclaimer

    The rating is not a recommendation to buy, sell or hold NCDs or units or

securities of the Embassy REIT and investors should take their own decision.

The rating is based on certain assumptions and is subject to revision or

modification by the assigning credit rating agency at any time.

    This press release is prepared for general information purposes only.

Embassy Office Parks Management Services Private Limited ("the Manager") in its

capacity as the Manager of the Embassy Office Parks REIT ("Embassy REIT"), and

Embassy REIT make no representation or warranty, express or implied, as to, and

do not accept any responsibility or liability with respect to, the fairness and

completeness of the content hereof. Each recipient will be solely responsible

for its own assessment of the market and the market position of Embassy REIT.

    This press release contains forward-looking statements based on the

currently held beliefs, opinions and assumptions of the Manager.

Forward-looking statements involve known and unknown risks, uncertainties and

other factors, which may cause the actual results, financial condition,

performance, or achievements of Embassy REIT or industry results, to differ

materially from the results, financial condition, performance or achievements

expressed or implied by such forward-looking statements. The Manager disclaims

any obligation to update these forward-looking statements to reflect future

events or developments or the impact of events which cannot currently be

ascertained, such as COVID-19.

    About Embassy REIT

    Embassy Office Parks is India's first and only listed REIT. Embassy REIT

comprises 26.2 msf of completed and operational commercial properties across

India. With approximately 7.1 msf of on-campus development in the pipeline, the

total portfolio spans 33.3 msf across seven Grade A office parks and four

city-center office buildings in India's best performing office markets of

Bengaluru, Mumbai, Pune and the National Capital Region (NCR). The portfolio is

home to over 160 blue chip corporate occupiers, and comprises 78 buildings with

strategic amenities, including two completed hotels, two under-construction

hotels, and a 100MW(AC) solar park that supplies renewable energy to park

tenants.

    For further information, please contact:

    Ritwik Bhattacharjee

    Head of Investor Relations

    Email: ir@embassyofficeparks.com

    Phone: +91-80-3322-2222

    Logo -

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    Source: Embassy Office Parks REIT