* denotes that ratings have been subsequently accepted.
** denotes that provisional ratings has been alloted to this company.
Steps for assigning provisional ratings
The Provisional CE Rating is subject to the fulfilment and review of all pending actions/documentation pertaining to the facility rated by BWR, specifically the execution of corporate guarantee deeds by Indiabulls Real Estate Limited towards the proposed NCD issue amounting to Rs.350 Cr to be issued by Indiabulls Infraestate Limited, receipt of the executed Debenture Trust Deed and / or financing documents with contours of structure in line with the draft term sheet shared with BWR.
The final rating may differ from the provisional rating in case the completed actions / documentation is not in line with BWR’s expectations at the time of assigning provisional ratings.
The final rating assigned shall be consistent with the available documents or completed steps, as applicable.
Ratings that would have been assigned in the absence of pending steps and documentations:- BWR A- (Credit Watch With Developing Implications)