Fitch affirms Indiabulls Real Estate
Fitch Ratings has affirmed the long-term foreign-currency issuer default rating (IDR) of realty developer Indiabulls Real Estate Ltd, and the rating on the $175 million 10.25% senior notes due in 2019 issued by Jersey-based Century Ltd at 'B+'. “The affirmation of the ratings assigned to Indiabulls Real Estate, India's third-largest property developer by market capitalisation, reflect the rising trend in its contracted sales and cash collections, improving EBITDA margin and the higher coverage of contracted sales/gross debt, all of which Fitch expects to be sustained in the medium term,” the ratings release said.
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