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The Rating Committee of ICRA (Investment Information and Credit Rating Agency) has reaffirmed the long-term rating of Apeejay Surrendra Park Hotel Groups for the captioned Line of Credit (LOC) at “[ICRA]A+” (pronounced ICRA A plus) for Rs 504.03 crore.
The agency has also reaffirmed the short-term rating for the captioned LOC at “[ICRA]A1+” (pronounced ICRA A one plus).
The outlook on the ratings is 'stable', Apeejay Surrendra Park Hotels said in a release.
ICRA reviews the ratings assigned to a company on an annual basis or as and when the circumstance warrants.
According to Vijay Dewan, MD, Apeejay Surrendra Park Hotels, the rating re-affirms the company’s success and growth story.
“Leadership in occupancy and rev-par, high share of food and beverage income and a balanced capital structure have been key drivers,” he said.
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