AgenciesThe Electronics Technology Parks Kerala (Technopark) has achieved CRISIL’s A+/Stable, as per the latest review on July 20, upgraded from ‘CRISIL A/Stable’ rated for the last two consecutive years.
The upgraded rating was achieved majorly on the discipline exercised on long-term bank facilities, Technopark said in a statement on Monday. The standalone business and financial risk profiles of Technopark were considered by CRISIL for the rating. Since the inception of Technopark, this is for the first time the institution has bagged A+/Stable during the last 10 years of rating with CRISIL. From D (Default) rating in 2014, it moved upward to BB, then to BBB, then to A/Stable during 2019 & 2020.
Technopark had completely leased out IT office spaces in Phases I & III. Also leased the entire land parcel on long-term lease to IT companies/ IT co-developers in Phases I & II. The exalted list of companies in Technopark currently includes the big names such as Infosys, UST Global, (TCS), Ernst & Young, Allianz, IBS Software, Oracle, Nissan, Guidehouse, SunTec, Tata Elxsi, Envestnet, Quest Global, etc. The growing IT infrastructure facility of Technopark is supported through co-developers such as Embassy-Taurus, Brigade Enterprises, Carnival Infopark, Seaview, Amstor House, and M-Squared.
“The rating continues to reflect steady cash flow with healthy occupancy and diverse clientele, along with strong debt protection metrics, bolstered by ample liquidity. Our cash flow has remained robust despite the offering of transitory relief to tenants for rent payment as well as forgoing rental escalation for fiscal 20-21 on account of the Covid-19 pandemic,” CFO Technopark, Smt. Jayanthi. L added.
The upgraded rating was achieved majorly on the discipline exercised on long-term bank facilities, Technopark said in a statement on Monday. The standalone business and financial risk profiles of Technopark were considered by CRISIL for the rating. Since the inception of Technopark, this is for the first time the institution has bagged A+/Stable during the last 10 years of rating with CRISIL. From D (Default) rating in 2014, it moved upward to BB, then to BBB, then to A/Stable during 2019 & 2020.
Technopark had completely leased out IT office spaces in Phases I & III. Also leased the entire land parcel on long-term lease to IT companies/ IT co-developers in Phases I & II. The exalted list of companies in Technopark currently includes the big names such as Infosys, UST Global, (TCS), Ernst & Young, Allianz, IBS Software, Oracle, Nissan, Guidehouse, SunTec, Tata Elxsi, Envestnet, Quest Global, etc. The growing IT infrastructure facility of Technopark is supported through co-developers such as Embassy-Taurus, Brigade Enterprises, Carnival Infopark, Seaview, Amstor House, and M-Squared.
“The rating continues to reflect steady cash flow with healthy occupancy and diverse clientele, along with strong debt protection metrics, bolstered by ample liquidity. Our cash flow has remained robust despite the offering of transitory relief to tenants for rent payment as well as forgoing rental escalation for fiscal 20-21 on account of the Covid-19 pandemic,” CFO Technopark, Smt. Jayanthi. L added.
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