Rating Rationale
October 16, 2023 | Mumbai
IRB Infrastructure Trust
'CRISIL AAA/Stable' converted from provisional rating to final rating
 
Rating Action
Total Bank Loan Facilities RatedRs.6390 Crore
Long Term RatingCRISIL AAA/Stable (Converted from Provisional Rating to Final Rating)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has converted its provisional rating on the long-term bank facilities of IRB Infrastructure Trust (IRB Trust) against an identified group of five assets to a final rating of ‘CRISIL AAA/Stable.

 

IRB Trust is an infrastructure investment trust (InvIT) holding roads sector assets sponsored by IRB Infrastructure Developers Ltd (IRBIDL; ‘CRISIL AA-/Stable/CRISIL A1+’) and Government of Singapore Investment Corporation and its affiliates (GIC Affiliates), with MMK Toll Road Pvt. Ltd (MTRPL) as its investment manager, IRBIDL acting as the project manager and IDBI Trusteeship Services Ltd being the trustee. IRBIDL holds 51% of Trust’s units with the remaining 49% held by GIC Affiliates.

 

The debt of Rs 6,390 crore (InvIT debt) is expected to be serviced from the cash flows of a group of five identified operational special purpose vehicles (identified SPVs) namely IRB Westcoast Tollway Ltd (IWTL), Kaithal Tollway Ltd (KTL), Kishangarh Gulabpura Tollway Ltd (KGTL), AE Tollway Ltd (AETL), IRB Hapur Moradabad Tollway Ltd (IHMTL).

 

The rating conversion follows receipt of the required documents in line with the draft terms and completion of the following pending steps:

 

  • Execution of the financing documents – IRB Trust has executed the financing documents for the term loans taken for identified group of assets.

 

CRISIL Ratings, however, notes that the trust needs to take approvals from National Highways Authority of India (NHAI; ‘CRISIL AAA/Stable’) for refinancing the five assets with trust level debt. Currently, approvals have been received for two (KTL and IWTL) of the five assets, and partial disbursement has been taken (Rs. 2417.02 crore disbursed out of Rs. 6,390 crore) for the sanctioned facility. Complete disbursement will happen post receipt of the pending NHAI approvals, which are expected by November 2023. Pending NHAI approvals remain critical and hence, timely receipt of the same remains a key monitorable.

 

IRB Trust has acquired one new state toll operate transfer (TOT) asset – IRB Golconda Expressways Private Limited (IGEPL, rated CRISIL AA-/Stable) which has commenced tolling from August 12, 2023. IRB Trust will also be implementing one BOT-Toll asset of NHAI – Samakhiyali Tollway Private Limited (four to six laning project) which is yet to receive appointed date. Both the assets remain out of the identified group of five assets.

 

CRISIL Ratings has assigned the rating based on evaluation of cash flows of the five identified assets and debt against those considering these cash flows are ring-fenced from the rest of the InvIT. CRISIL Ratings has also factored in a part of surplus cash flows available from Yedeshi Aurangabad Tollway Ltd (YATL, rated ‘CRISIL AAA/Stable’) and Solapur Yedeshi Tollway Ltd (SYTL, rated ‘CRISIL AAA/Stable’) (post-servicing the asset level debt and meeting restricted payment conditions thereon) to arrive at the debt service coverage ratio (DSCR) for the InvIT debt, as the InvIT has provided a corporate guarantee towards the debt of these assets, thereby linking the InvIT debt to these SPVs. There are no other guarantees at present or expected in future from the trust for any of its existing assets and/or assets that might be acquired in future. Additionally, IRB Trust is unlikely to raise any additional debt, at the InvIT level, till such a time the InvIT debt is outstanding. Furthermore, there is no cross default/guarantee between the five identified group of SPVs and the remaining SPVs of the trust. The management’s intent to operate the identified group of assets as a group with fungible cash flows, through a well-defined payment waterfall and tight escrow mechanism, has also been factored in. CRISIL Ratings believes that the credit risk profile will remain strong throughout the debt tenure.

 

The rating reflects the favorable location and geographic diversity of the stretches under the identified SPVs, and healthy revenue visibility given the strong track record of toll collection. The assets have a moderate operational track record of 3 to 6.5 years including the period of partial tolling in few assets. The counterparty risk is low as all the five concessions are NHAI. These factors coupled with adequate leverage will result in strong debt protection metrics. Terms of the financing documents stipulate maintenance of two quarters of debt service reserve account (DSRA) in the form of cash throughout the tenor of loan, upfront creation of major maintenance reserve account (MMRA) of Rs 130 crore for a period of 2 years, and MMRA for 3 months thereafter, cash reserve of Rs 100 crore till March 31, 2026 and full cash trap if DSCR falls below 1.30 times, providing liquidity cushion. This apart, surplus cash flows from the remaining SPVs of the InvIT (infrastructure investment trust), namely Udaipur Tollway Ltd (UTL), CG Tollway Ltd (CGTL) and Palsit Dankuni Tollway Pvt. Ltd (PDTPL) will also be available towards meeting shortfall in servicing InvIT debt. The rating also derives strength from the experience of the sponsors, IRBIDL and GIC Affiliates, in managing and maintaining road assets. 

 

These strengths are partially offset by susceptibility of toll revenue to volatility in traffic volume, development or improvement of alternative routes or modes of transportation that could impact revenue and in turn the DSCR. The DSCR will also remain susceptible to volatility in operations and maintenance (O&M) cost and interest rates.

Analytical Approach

The rating is driven by ring-fencing of the cash flows of the identified group of assets from the rest of the InvIT and presence of a well-defined cash flow waterfall prioritising these cash flows towards servicing of the InvIT debt. In the absence of the same, the rating of debt at IRB Trust would have been arrived at after consolidating all underlying SPVs of the InvIT. SYTL’s and YATL’s debt is guaranteed by IRB Trust and will continue to remain. Surplus cash flows from YATL and SYTL will also be available for servicing this debt. The debt is being taken at InvIT level and lent to five SPVs i.e., IWTL, KTL, KGTL, AETL and IHMTL as shareholder loans for retiring existing external debt.

 

There are no other guarantees presently or expected in future from the trust to any of its existing assets and/or assets that might be acquired in future. Additionally, IRB Trust is unlikely to raise any additional debt, at the InvIT level, till such time the InvIT debt is outstanding. Furthermore, no cross default/guarantee exists between the pool of five identified SPVs and the remaining SPVs of the Trust.

 

Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

  • Geographically diversified portfolio with moderate track record and strong counterparty: The identified pool comprises five toll road projects and benefits from asset and geographical diversification. Additionally, all the five projects have a strong counterparty, NHAI. The projects have tolling track record between 3 to 6.5 years. Revenue diversification is high with no single asset contributing to over 25% of the pool revenue. The identified pool has a combined length of 668 km (~3,300 lane km) with revenue of ~Rs 921 crore in fiscal 2023 and ~Rs. 425 crore in first half of fiscal 2024.

 

All the assets are key routes connecting arterial cities with most stretches being the shortest routes between these destinations, running through five states. Projects in the identified pool have a good mix of commercial (62%) and passenger (38%) traffic at a consolidated level; in terms of revenue, commercial traffic contributes 68%               to the total toll collections of the InvIT. While a few stretches have alternate routes, the traffic diversion is already reflecting in the current traffic plying on these. 

 

All the five toll projects have an annual toll rate escalation with a fixed increase of 3% and a variable portion equal to 40% change in wholesale price index (WPI), limiting dependence on WPI, thereby supporting revenue. Toll revenue for all identified assets grew at a compound annual growth rate (CAGR) of 8-15% (except KGTL which grew at 4.8% as tolling on the complete length started only in July 2022) over fiscals 2020 to 2023. While the long-term traffic growth on the identified asset pool is adequate, the traffic experienced de-growth of 3.6% in KTL in fiscal 2023 because of some diversion witnessed with opening of Trans Haryana Expressway from August 2022. The other stretches also witnessed healthy traffic growth ranging from 7% to 43% in fiscal 2023.

 

  • Strong debt protection metrics, with provision for cash trap and creation of DSRA and MMRA: Financial risk profile is expected to be healthy, supported by comfortable average DSCR through the tenure of the debt given healthy toll collection and moderate leverage as reflected in debt-to-toll revenue of 5.1 times (as of March 2023). The debt protection metrics will also be supported by presence of fixed price O&M and MM contract with IRBIDL till fiscal 2030. Debt servicing will be supported by cash flow pooling of all five projects under the identified pool along with YATL and SYTL. The leverage of the identified group of assets is comfortable at 41.0% (based on the InvIT debt and external valuation as of March 31, 2023).

 

As per the cash flow waterfall mechanism, revenue account of identified assets would be utilised firstly, towards payment of statutory dues/ taxes, followed by O&M and other payments, debt service to InvIT (if any), and DSRA obligations for the identified SPVs due to the InvIT. The balance funds are subsequently transferred to the InvIT escrow account. Further, escrow bank of SYTL and YATL would be given an irrevocable standing instruction to distribute the surplus cash to IRB Trust by depositing it into the InvIT’s escrow account charged to the InvIT debt lenders. IRB Trust shall provide an undertaking that surplus cash flows of UTL, CGTL and PDTPL shall be utilised for meeting shortfall in servicing of InvIT debt, up to the subsistence of external debt at asset level.

 

The debt terms also require adequate liquidity cushion in the form of six-month DSRA. Further, MMR of Rs 130 crore to be created upfront for the first two years, post which is expected to be a three-month floating MM reserve and additional cash reserve of Rs. 100 till March 31, 2026. Cash trap is stipulated if DSCR falls below 1.30 times. In case of such scenario, all the proceeds in the surplus account would be mandatorily transferred to the restricted debt service sub account (RDSSA) and released only if DSCR for next two consecutive months exceeds 1.30 times. While permitted indebtedness is allowed with lenders approval, no incremental debt is expected at the InvIT level.

 

  • Experienced management team: The identified asset pool will benefit from being part of IRB’s private InvIT, which in turn benefits from the strong sponsors and IRBIDL’s asset management team having significant experience of 25 years in Indian roads and highways space having sponsored two InvIT platforms. GIC with 49% unitholding in the trust has extensive experience in the infrastructure space, including in India. GIC has also invested in various other assets / platforms of IRBIDL in the last few years.

 

Weaknesses:

  • Susceptibility of toll revenue to volatility in traffic or development/improvement of alternative routes: Toll collection is a major source of revenue and is susceptible to volatility because of toll leakages, competing routes, lack of timely increase in toll rates, fluctuations in WPI-linked inflation, seasonal variations in vehicular traffic and economic downturns. For instance, traffic and toll collection across stretches were affected by government policies such as the nationwide lockdown following the Covid-19 pandemic in fiscal 2021.

 

While the stretches do not face any substantial threat from alternate routes as of now, improvement of existing alternate routes or development of new alternate routes may affect traffic. While CRISIL Ratings has adequately sensitised toll collections for risks emanating from foreseeable development of alternate routes or alternate modes of transport, higher than expected diversion on account of any of these will be key rating sensitivity factor.

 

  • Susceptibility to volatility in O&M and major maintenance costs and interest rates: The trust is exposed to risks related to maintenance of the projects in the underlying SPVs as per the specifications and within the budgeted costs. While IRB Trust is expected to maintain MMRA for the first two years, any significant dip in toll collection or unplanned maintenance activity could result in cash flow shortfall during years of such maintenance and will remain a rating sensitivity factor. However, the volatility is mitigated in the near to medium term given the presence of fixed price O&M and MM contracts signed by all SPVs with IRBIDL till fiscal 2030.

 

The debt has a floating interest rate linked to the benchmark, which exposes the trust to volatility in interest rates. Although the cushion in cash flow will partially absorb the impact of such fluctuations, it will remain a rating sensitivity factor.

Liquidity: Superior

Toll collections will be adequate to meet operational expenses and the debt obligation. Further, DSRA equivalent to six months’ interest and principal obligations will be maintained (DSRA of Rs. 58 crore already created from partial disbursement taken as of October 9, 2023). MMR of Rs 130 crore would also be created upfront for the first two years (MMRA of Rs. 86.5 crore already created from partial disbursement taken as of October 9, 2023). Liquidity will also be supported by the cash trap provision if the DSCR falls below 1.30 times for trailing 12 months. Additional cash reserve of Rs 100 crore is expected to be maintained till March 31, 2026. Further, surplus cash flows from YATL and SYTL will also be available for servicing any shortfall in the InvIT debt.

Outlook: Stable

CRISIL Ratings believes that IRB Trust will continue to generate healthy toll revenue over the medium term, backed by good traffic potential on the project stretches.

Rating Sensitivity factors

Downward factors:

  • Lower-than-expected toll revenue by 8-10% on a sustained basis or higher-than-expected maintenance cost affecting the DSCR of the identified group of assets
  • Any incremental borrowing at the InvIT level
  • Deterioration in the credit risk profile of the InvIT (including for all underlying SPVs)  
  • Non-adherence to structural features of the transaction, including significant delays in NHAI approvals for the remaining assets impacting the structure
  • Non maintenance of adequate liquidity reserve in the form of 2-quarter DSRA, MMRA and cash reserve of Rs 100 crore as stipulated in financing agreements

About the Trust

IRB Trust is registered as an irrevocable trust under Indian Trust Act, 1882, and as an InvIT under the SEBI Infrastructure Investment Trust Regulations, 2014, since August 27, 2019. IRBIDL, MMK Toll Road Pvt Ltd and IDBI Trusteeship Services Ltd are the sponsor, investment manager and trustee of the InvIT, respectively.

 

The Trust has been listed on the National Stock Exchange since April 3, 2023. IRBIDL and GIC hold 51% and 49% of the units, respectively, as of March 2023. The Trust currently has a portfolio of 10 operational toll projects and one under-construction road project (four-six laning project and partial tolling is underway) and one proposed under-construction toll project (four-six laning project and appointed date is awaited) spread across eight states.

 

The broad details of the assets that are held by the IRB Trust are as follows:

IRB Westcoast Tollway Ltd: The project is a 187.2-kilometer (km) four-lane operational toll road on national highway (NH) 17 connecting Panvel and Kanyakumari in Goa Karnataka border on a build-operate-transfer (BOT) toll basis. It has been operational since February 2020 with more than three years of tolling history. The project stretch operates under a 28-year concession awarded by NHAI in 2012 for strengthening and widening of two-lane road to a four-lane divided carriageway and has remaining concession life of close to 19 years without considering any modification in the concession period due to target traffic clause of the concession agreement (CA). Traffic registered a CAGR of 15.3% between fiscals 2020 and 2023. The project reported 15% increase in toll revenue in H1 FY2024 on a y-o-y basis. There are no alternate routes to the project road. 

Kaithal Tollway Ltd: The project is a 166.2 km four-lane operational toll road on NH-152 connecting Kaithal to Rajasthan border section in Haryana on a BOT toll basis. It has been operational since March 2019 with more than four years of tolling history. The project stretch operates under a 27-year concession awarded by NHAI in 2014 for strengthening and widening of two-lane road to a four-lane divided carriageway and has remaining concession life of close to 19 years without considering any modification in the concession period due to target traffic clause of the CA. Traffic registered a CAGR of 8.3% between fiscals 2020 and 2023. The project reported 6% decline in toll revenue in H1 FY2024 on a y-o-y basis due to diversion of traffic to alternate route – Trans-Haryana Expressway and impact of monsoon.

 

Kishangarh Gulabpura Tollway Ltd: The project is a 90-km six-lane operational toll road on NH-79 and NH-79A in Rajasthan on a BOT toll basis. It has been operational since February 2018 with more than five years of tolling history. The project stretch operates under a 20-year concession awarded by NHAI in 2017 for strengthening and widening of four-lane road to a six-lane divided carriageway and has remaining concession life of close to 14.5 years without considering any modification in the concession period due to target traffic clause of the CA. Traffic registered a CAGR of 4.8% between fiscals 2020 and 2023. The project reported 47% increase in toll revenue in H1 FY2024 on a y-o-y basis. There are two alternate routes to the project road, however, the impact is already reflecting in the existing traffic.

 

IRB Hapur Moradabad Tollway Ltd: The project is a 99.8-km six-lane operational toll road on NH-24 in Uttar Pradesh on a BOT toll basis. It has been operational since May 2019 with more than four years of tolling history. The project stretch operates under a 22-year concession awarded by NHAI in 2018 for strengthening and widening of four-lane road to a six-lane divided carriageway and has remaining concession life of close to 18 years without considering any modification in the concession period due to target traffic clause of the CA. Traffic registered a CAGR of 10.4% between fiscals 2020 and 2023. The project reported 46% increase in toll revenue in H1 FY2024 on a y-o-y basis. There are three alternate routes to the project road, however, the impact is already reflecting in the existing traffic.

 

AE Tollway Ltd: The project is a 124.5-km six-lane operational toll road on NH-2 (Agra-Etawah Bypass) in Uttar Pradesh on a BOT toll basis. It has been operational since August 2016 with more than seven years of tolling history. The project stretch operates under a 24-year concession awarded by NHAI in 2015 for strengthening and widening of four-lane road to a six-lane divided carriageway and has remaining concession life of close to 17 years without considering any modification in the concession period due to target traffic clause of the CA. Traffic registered a CAGR of 8.7% between fiscals 2020 and 2023. The project reported 8% increase in toll revenue in H1 FY2024 on a y-o-y basis. There are three alternate routes to the project road, however, the impact is already reflecting in the existing traffic.

 

Yedeshi Aurangabad Tollway Ltd: The project is a 189-km four-lane operational toll road on the Yedeshi-Aurangabad section of NH-211 (new NH-52) in Maharashtra on a BOT toll basis. It has been operational since March 2019 with more than four years of tolling history. The project stretch operates under a 26-year concession awarded by NHAI in 2014 and has remaining concession life of over 18 years without considering any modification in the concession period due to target traffic clause of the CA. Traffic registered CAGR of 17.3% between fiscals 2020 and 2023. The project reported 14% increase in toll revenue in H1 FY2024 on a y-o-y basis. There are no alternate routes to the project road.

 

Solapur Yedeshi Tollway Ltd: The project is a 98.7-km four-lane operational toll road on the Solapur-Yedeshi section of NH-211 (new NH-52) in Maharashtra on a BOT toll basis. It has been operational since March 2018 with more than five years of tolling history. The project stretch operates under a 29-year concession awarded by NHAI in 2013 and has remaining concession life of over 20 years without considering any modification in the concession period due to target traffic clause of the CA. Traffic registered CAGR of 14.3% between fiscals 2020 and 2023. The project reported 12% increase in toll revenue in H1 FY2024 on a y-o-y basis. There are no alternate routes to the project road.

 

CG Tollway Ltd: The project is a 124.9-km six-lane operational toll road on Chittorgarh-Bypass section of NH-79 in Rajasthan on a BOT toll basis. It has been operational since November 2017 with over five years of tolling history. The project operates under a 20-year concession awarded by NHAI in 2016 and has remaining concession life of around 15 years without considering any modification in the concession period due to target traffic clause of the CA. Traffic registered CAGR of 10.6% between fiscals 2020 and 2023. The project reported 10% increase in toll revenue in H1 FY2024 on a y-o-y basis. There are two alternate routes to the project road, however, the impact is already reflecting in the existing traffic.

 

Udaipur Tollway Ltd: The project is a 113.8-km six-lane operational toll road on the Udaipur-Bypass section of NH-8 in Rajasthan on a BOT toll basis. It has been operational since September 2017 with more than six years of tolling history. The project stretch operates under a 21-year concession awarded by NHAI in 2016 and has remaining concession life of around 15 years without considering any modification in the concession period due to target traffic clause of the CA. Traffic registered CAGR of 4.0% between fiscals 2020 and 2023. The project reported 14% increase in toll revenue in H1 FY2024 on a y-o-y basis. There are two alternate routes to the project road, however, the impact is already reflecting in the existing traffic.

 

Palsit Dankuni Tollway Pvt Ltd: The project is a 63.8-km under-construction toll road on NH-19 in West Bengal on a BOT toll basis. Being a four-to-six laning project, tolling commenced since April 2022. The project stretch operates under a 17-year concession awarded by NHAI in 2021 and has remaining concession life of around 16 years without considering any modification in the concession period due to target traffic clause of the CA. There are two alternate routes (the Grand Trunk Road and Eastern Dedicated Freight Corridor [expected to become operational in the near term]) which could impact the traffic on the stretch. The project reported 17% decline in toll revenue in H1 FY2024 on a y-o-y basis due to partial tolling as stretch is under construction.

 

IRB Golconda Expressway Private Limited: SPV incorporated in May 2023 to implement Hyderabad Outer Ring Road (ORR) Project. It has executed concession agreement with Hyderabad Metropolitan Development Authority (HMDA) for the project of tolling, operation, maintenance and transfer (TOT) of ORR (from Km 0+000 to Km 158+010) in Hyderabad, Telangana. The concession period of the project is for 30 years from the appointed date (August 12, 2023). The total length of the project is 158 km and has 22 toll plazas (19 entry-exit points in operation and three under construction) with close loop tolling. 

 

Samakhiyali Tollway Private Limited: SPV incorporated on March 14, 2023, for the upgradation of four lane to six Lane with paved shoulder of NH-27 from Samakhiyali to Santalpur section from km. 339+200 to Km. 430+100 in Gujarat on a build operate and transfer (BOT) basis. The project stretch operates under a 20-year concession from appointed date (yet to be achieved) including 2 years of construction period. IRBIDL has executed definitive agreements with GIC for 49% shareholding in the project and is getting executed through IRB InvIT. Project achieved financial closure on Sep 21, 2023.

Key Financial Indicators^

Particulars

Unit

2023

2022

Revenue

Rs crore

2,691

1,262

Profit After Tax (PAT)

Rs crore

(227)

(444)

PAT Margin

%

(8.4)

(35.8)

Adjusted debt/adjusted networth

Times

1.36

1.26

Adjusted interest coverage

Times

1.10

0.86

^CRISIL Ratings adjusted financials

Any other information:

Key covenants of the debt

Financial covenants

Minimum DSCR of 1.3 times, to be tested annually

Total outstanding liabilities (TOL) / Tangible net worth (TNW) not more than 3 times

In case of breach of financial covenant, borrower to pay 0.75% pa additional interest till cure of such breach

Cash trap
  • DSCR for RG pool (including surplus from SY and YA) (for TTM) falling below 1.3x
  • Downgrade in credit rating below AA-
  • Non-maintenance of reserve requirement
  • Occurrence of event of default which is subsisting
  • Occurrence of payment default to the lenders
  • any material adverse effect occurs including but not limited stoppage of toll, waiver of toll collection on any of the identified 5 SPVs, SYTL and YATL for a period more than 60 days

Amount from the restricted debt service sub account would be released to the distribution account only if DSCR for next two consecutive months >1.30x and all reserves are maintained

Cash sweep
  • right to sweep upto 50% of the distributable surplus of identified SPVs and surplus from SYTL and YATL, if credit rating falls below AA
  • lenders have right to9 demand mandatory prepayment to the extent of 25% of the additional cash accruals in excess of DSCR of 2x after maintaining all reserves

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name of the
instrument		 Date of
Allotment		 Coupon
Rate (%)		 Maturity
Date		 Issue size
(Rs.Crore)		 Complexity
Level		 Rating assigned
with outlook
NA Long Term Bank Facility NA NA 30-Sep-39 6,390 NA CRISIL AAA/Stable

Annexure - List of Entities Consolidated

Name of company

Type of consolidation

Rationale for consolidation

IRB Westcoast Tollway Ltd

Full consolidation

 

Fungibility of cashflows for servicing the InvIT debt

IRB Hapur Moradabad Tollway Ltd

Full consolidation

AE Tollway Ltd

Full consolidation

Kaithal Tollway Ltd

Full consolidation

Kishangarh Gulabpura Tollway Ltd

Full consolidation

Solapur Yedeshi Tollway Ltd

Full consolidation

Surplus cashflow available post servicing of asset-level debt guaranteed by the Trust

Yedeshi Aurangabad Tollway Ltd

Full consolidation
Annexure - Rating History for last 3 Years
  Current 2023 (History) 2022  2021  2020  Start of 2020
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 6390.0 CRISIL AAA/Stable 12-10-23 Provisional CRISIL AAA/Stable   --   --   -- --
      -- 09-06-23 Provisional CRISIL AAA/Stable   --   --   -- --
      -- 11-05-23 Provisional CRISIL AAA/Stable   --   --   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Long Term Bank Facility 800 Bank of India CRISIL AAA/Stable
Long Term Bank Facility 800 Union Bank of India CRISIL AAA/Stable
Long Term Bank Facility 500 Bank of Maharashtra CRISIL AAA/Stable
Long Term Bank Facility 1400 National Bank for Financing Infrastructure and Development CRISIL AAA/Stable
Long Term Bank Facility 1500 India Infrastructure Finance Company Limited CRISIL AAA/Stable
Long Term Bank Facility 1390 Canara Bank CRISIL AAA/Stable
Criteria Details
Links to related criteria
CRISILs rating criteria for REITs and InVITs
CRISILs Bank Loan Ratings - process, scale and default recognition
The Infrastructure Sector Its Unique Rating Drivers
Rating Criteria for Toll Road Projects
Criteria for rating entities belonging to homogenous groups

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CRISIL Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on CRISIL Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisil.com/en/home/our-businesses/ratings/credit-ratings-scale.html