DLF Cyber City Developers Ltd (DCCDL), the rental arm of DLF Ltd, has got a rating upgrade from CRISIL to AAA (stable) from AA+ (stable).
The upgrade reflects expectation of sustenance of the strong business risk profile, backed by high occupancy levels and scale of the operational portfolio (40.4 million square feet), along with structural year-on-year improvement in the financial risk profile which is expected to continue over the medium term, the rating agency said.
"This milestone reflects company's commitment to maintaining the highest standards of corporate governance and financial discipline whilst ensuring that our assets meet global benchmarks suitable for our tenant partners,” DCCDL vice chairman and managing director Sriram Khattar said on March 26.
DCCDL operates one of the largest commercial real estate portfolios in the country.
Its office portfolio comprises approximately 36 million square feet (msf) with occupancy of 93 percent, spread across Gurugram, Chennai, Hyderabad and Chandigarh.
It also operates a retail portfolio of approximately 4.3 msf, which has 95 percent occupancy spread across Delhi-NCR, Chennai and Chandigarh. It is adding another 12 msf of office space and 2 msf of retail space in the near term, the company has said.
Also Read: DLF Limited invests Rs 496.73 crore to fully acquire DLF Urban from Reco Greens
DLF has developed 185 real estate projects consisting approximately 353 million square feet. DLF Group has around 220 msf of development potential across the residential and commercial segments. The group has an annuity portfolio of over 44 msf.
DCCDL has a commercial portfolio of more than 40 msf.
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