Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 3000.00 ACUITE AA- | Stable | Reaffirmed -
BOND 200.00 ACUITE AA+ | Stable | Reaffirmed -
BOND 205.64 Provisional | ACUITE AA+ | Stable | Assigned -
Total Outstanding 3405.64 - -
Total Withdrawn 0.00 - -
 
Rating Rationale

Acuite has reaffirmed the long-term rating of ''ACUITE AA-'' (read as ACUITE double A minus) on the Rs.3000.00 Cr. bank facilities of Greater Chennai Corporation (GCC). The Outlook is 'Stable'.

Acuité has reaffirmed the long term rating of ''ACUITE AA+'' (read as ACUITE double A plus) on the Rs. 200 Cr. bonds of Greater Chennai Corporation (GCC). The outlook is ‘Stable’.

Acuite has assigned its long term rating of ' PROVISIONAL ACUITE AA+' (read as PROVISIONAL ACUITE double A plus) on the Rs.205.64 Crore of proposed bond of Greater Chennai Corporation (GCC). The outlook is 'Stable'.

The rating on the Rs. 205.64 Cr. proposed Bond is provisional and the final rating is subject to receipt of following documentation:

  1. Placement Memorandum/ Final Term Sheet
  2. Debenture Trustee Agreement
  3. Escrow Agreement
  4. Debenture Trust Deed
  5. Deed of Hypothecation
  6. Issue Agreement
  7. Tripartite Agreements with NSDL and CDSL
Rationale for Rating
The rating takes into consideration the consistent support from both the state and central government towards the development of the city, strong operating performance, a Y-o-Y increase in tax revenue and collection efficiency and a healthy cash surplus. Tamil Nadu continues to solidify its position as a manufacturing hub, with Chennai's economic base majorly supported by automobiles, telecommunications, software services. The corporation also has good infrastructure in place, a strong record in terms of geographic coverage and service delivery and has been performing well in the execution of its civic duties. However, the rating to be constrained by the elevated level of receivables of GCC.
Acuite have considered all the four funds for analysis i.e. Municipal fund, Capital fund, Elementary Education fund and Earmarked fund.

The rating on the existing listed bond of Rs. 200 cr. derives its strength from the Debt Service Reserve Account (DSRA), structured payment mechanism, escrow and Project Sustainability Grant Fund (PSGF).

The final rating of the proposed bonds will derive its strength from the Debt Service Reserve Account (DSRA), structured payment mechanism, escrow and Upfront Fixed Deposit to be established as a cash collateral. 

About the Company
­Chennai based Greater Chennai Corporation (GCC) is the Oldest Municipal Institution in India established on the 29th September 1688. The corporation maintains roads, streetlights, flyovers, and also the city's cleanliness and hygiene levels. The Parliamentary Act of 1792 gave the Corporation power to levy Municipal Taxes in the City. The Municipal administration properly commenced from the Parliamentary Act, 1792 making provision for the good order and administration of the city. The Municipal Act has been amended introducing from time to time major changes in the constitution and powers of the Corporation. The Chennai City Municipal Corporation Act, 1919 (as amended) provides the basic statutory authority for the administration now. Chennai is named as ‘Detroit of Asia’ due to the presence of major automobile manufacturing units and allied industries around the city. The municipal Corporation is managed by the Commissioner J. Kumaragurubaran, I.A.S, and other additional and Deputy Commissioners include Dr. V.P. Jeyaseelan I.A.S , K. Karpagam I.A.S, V Siva Krishnamurthy I.A.S, and M Birathiviraj I.A.S.
 
Unsupported Rating
­Acuite AA- | Stable
 
Analytical Approach
­Acuité has considered the standalone business and financial risk profiles of Greater Chennai Corporation (GCC) to arrive at the rating.
 
Key Rating Drivers

Strengths
­Benefits from Chennai’s status as an administrative and political capital of Tamil Nadu
Greater Chennai Corporation (GCC) provides civic services to Chennai city, the capital of Tamil Nadu. Being an administrative capital, Chennai is a base for all major state government offices. As a hub for major decision making, Chennai has enhanced the ability to attract investments from a wide range of sectors. Chennai city is located in the northeastern part of Tamil Nadu, and is the hub of various small, medium and largescale industries like automobiles, software services, medical, tourism, hardware manufacturing and financial services sectors which are major contributors to the economy of Tamil Nadu. Other important industries include petrochemicals, textiles, apparel and soon to become the EV (Electric Vehicle) hub of the country. A few largescale companies located in and around Chennai include Ashok Leyland Limited, Chennai Petroleum Corporation Limited, MRF Limited, Redington India Limited, The India Cements Limited, Murugappa Group, Ford Motor Company, etc.

Further, Chennai is the third largest software exporter in India and a resident for IT companies, including Infosys, Wipro, Tata Consultancy Services, to name a few. Acuité believes the significant employment opportunities generated by the varied range of industries located in and around Chennai are expected to lead to higher per capita income which augurs well for GCC. Chennai is also one of the cities under Atal Mission for Rejuvenation and Urban Transformation (AMRUT). The purpose of AMRUT is to ensure every household to have access to tap water and sewerage connection, increase the amenity value of cities, and reduce pollution in the city. Acuité believes that GCC will continue to benefit significantly from its pivotal position as the capital city of the second largest economy in the country. Since the ongoing support from the state government will be critical for maintaining a stable credit profile, the credit rating of GoTN will also be a key monitorable. 

Scale of Operations
The revenue profile of the GCC includes various tax revenues, rental income from municipal corporations, sales and hire charges, grants and subsidies of revenue nature and non-tax income. GCC's revenue slightly declined which stood at Rs. 4,396.21 Cr. in FY2025 as against Rs. 4,436.35 Cr. in FY2024. The decline is mainly due to lower revenue grants received from govt's end. However, all the other sources of tax collections have improved in FY 25 against FY24. Acuite believes that the revenue of the corporation will further improve over the medium term owing to healthy revenue collection and improvements in economic activities.

Strong financial risk profile
The financial risk profile of the corporation is strong marked by strong net worth, low gearing, and healthy debt protection metrics. The net worth of GCC stood at Rs.13,462.18 Cr.as on March 31, 2025, increased from Rs. 13,240.49 Cr. as on March 31, 2024. The net worth also includes grants and contributions for specific purposes. The total debt of Rs. 1,633.83 Cr as on March 31, 2025, are loans from state government, government bodies and banks. The gearing level of GCC improved & stood low at 0.12 times in FY 25 against 0.14 times in FY24. TOL/TNW improved & stood at 0.32 times in FY 25 against 0.39 times for FY 24. The debt protection metrics is healthy with the interest coverage ratio (ICR) of the corporation stood at 4.87 times in FY2025. Acuite believes that the GCC's financial risk profile continues to be healthy backed by adequate support from GOI and GOTN in the form of grants, timely receipt of tax collection and continues growth potential of Chennai city.

Structured Payment Mechanism
Listed Bonds of Rs. 200 Cr. 
GCC has access to various income sources out of which Property tax from Zone 5 and Zone 7 shall be deposited every month in a separate no-lien Escrow account for debt servicing of the bonds. The funds should be first utilized to meet the Minimum Balance in Escrow account which entails maintenance of a Debt Service Reserve Account (DSRA), Sinking fund Account (SFA) and Interest Payment Account (IPA) The minimum balance shall not be used for any purpose other than transfer to the DSRA, IPA and SFA.

Proposed to be Listed Bonds of Rs. 205.64 cr. 
GCC has access to various income sources out of which Property tax from Zone 3 and Zone 9 shall be deposited every month in a separate no-lien Escrow account for debt servicing of the bonds. The funds should be first utilized to meet the Minimum Balance in Escrow account which entails maintenance of a Debt Service Reserve Account (DSRA), Sinking fund Account (SFA) and Interest Payment Account (IPA) The minimum balance shall not be used for any purpose other than transfer to the DSRA, IPA and SFA.

Terms and Conditions
The DSRA shall be created with an amount equivalent to the two coupon payments (1 years ‘interest) need to be maintained. The funds received in the Escrow Account will be transferred to IPA and SFA on a monthly basis as per the terms of the bond. As regards the interest payments (expected to be half yearly), the IPA will be funded on a monthly basis. SFA, which shall be funded monthly equivalent to the amount as per the terms of bond issuances.

IPA (Interest Payment Account)
An amount, as specified in the terms of bonds/loans agreements, will be transferred to IPA from Escrow Account on a monthly basis. The debenture trustee shall check the amount in IPA at least 25 (T-25) days prior to the interest payment date. In case of any shortfall in the amount the trustee shall intimate the GCC of the shortfall and GCC shall cover the shortfall prior to 15 days (T-15 days) of the interest payment date.

Listed Bonds of Rs. 200 cr.
If the corporation fails to cover the shortfall at 14 days (T-14 days) prior to interest servicing day, the Debenture Trustee shall trigger the payment mechanism and shall instruct the Bank to utilise the PSGF Amount to the extent of the shortfall in the amount required to make payment of the Coupon on the Coupon Payment Date on or prior to the date falling 10 (ten) days prior to the Interest Payment Date (T-10 days). Further, immediately after the PSGF Amount utilization, the amounts lying or credited in the escrow account shall flow for the PSGF Amount replenishment and shall not be transferred by the Issuer to the general fund account(s) till the time the required PSGF Amount is replenished. 

Proposed to be listed bonds of Rs. 205.64 cr. 
If the corporation fails to cover the shortfall at 14 days (T-14 days) prior to interest servicing day, the Debenture Trustee shall trigger the payment mechanism and shall instruct the Bank to utilise the Upfront FD to the extent of the shortfall in the amount required to make payment of the Coupon on the Coupon Payment Date on or prior to the date falling 10 (ten) days prior to the Interest Payment Date (T-10 days). Further, immediately after the Upfronf FD utilization, the amounts lying or credited in the escrow account shall flow for the FD Amount replenishment and shall not be transferred by the Issuer to the general fund account(s) till the time the required amount is replenished.

On T-9 days, in case of shortfall in the amount required to make payment of Coupon on the Coupon Payment Date in the Interest Payment Account the Debenture Trustee shall trigger the payment mechanism and shall instruct the Bank to utilise the DSRA Amount to the extent of the shortfall in the amount required to make payment of the Coupon on the Coupon Payment Date on or prior to the date falling 8 (Eight) days prior to the Interest Payment Date (T-8 days). The Coupon shall be paid by the Issuer on the Coupon Payment Date (T). In case the DSRA Amount (or part thereof) is utilized to fund the shortfall in the amount required to make payment of the Coupon in respect of any Coupon Payment Date, immediately after the Debenture Trustee has instructed the Bank to utilise the DSRA Amount as above and in any event prior to 7 (Seven) days prior to the relevant Coupon Payment Date (T-7), the Debenture Trustee would issue a final notice in writing to the Issuer. On the issuance of such notice, the Issuer shall make good the DSRA Amount Shortfall within next 15 (Fifteen) days (T+8). Further, immediately after the DSRA utilization, the amounts lying or credited in the escrow account shall flow into the interest payment account for DSRA replenishment and shall not be transferred by the Issuer to the general fund account(s) till the time the required DSRA amount is replenished.

SFA (Sinking Fund Account)
The Debenture Trustee shall check the amount lying to the credit of Sinking Fund Account at 45 (Forty-Five) days prior to the end of each 12-month block. In case of any Sinking Fund mismatch, the Debenture Trustee shall intimate Issuer of the shortfall and Issuer shall make good the Sinking Fund mismatch 15 (Fifteen) days prior to the end of each 12-month block (T-15 days). Further, in case of shortfall on T-45 days, the amounts lying or credited in the escrow account shall flow into the sinking fund account for funding the shortfall and shall not be transferred by the Issuer to the general fund account(s) till the time the shortfall is funded.

Listed Bonds of Rs. 200 cr.
In case of shortfall still persists in in the Sinking Fund Account at 14 (Fourteen) days prior to the end of each 12 month block (T-14 days), the Debenture Trustee shall trigger the payment mechanism and shall instruct the Escrow Bank to utilise the PSGF Amount to the extent of the shortfall in the Sinking Fund Account on or prior to the date falling 10 (ten) days prior to the end of each 12 Month Block (T-10 days). Further, immediately after the PSGF Amount utilization, the amounts lying or credited in the escrow account shall flow for the PSGF Amount replenishment and shall not be transferred by the Issuer to the general fund account(s) till the time the required PSGF Amount is replenished. In case of shortfall still persists in in the Sinking Fund Account at 9 (Nine) days prior to the end of each 12-month block (T-9 days), the Debenture Trustee shall issue a final notice to the issuer. On the issuance of such notice, the issuer shall remit the funds to fund the shortfall into the Sinking Fund Account prior to the end of each 12 Month Block (T).

Proposed to be listed bonds of Rs. 205.64 cr. 
In case of shortfall still persists in in the Sinking Fund Account at 14 (Fourteen) days prior to the end of each 12 month block (T-14 days), the Debenture Trustee shall trigger the payment mechanism and shall instruct the Escrow Bank to utilise the Upfront FD to the extent of the shortfall in the Sinking Fund Account on or prior to the date falling 10 (ten) days prior to the end of each 12 Month Block (T-10 days). Further, immediately after the Upfront FD utilization, the amounts lying or credited in the escrow account shall flow for the Upfront FD replenishment and shall not be transferred by the Issuer to the general fund account(s) till the time the required Amount is replenished. In case of shortfall still persists in the Sinking Fund Account at 9 (Nine) days prior to the end of each 12-month block (T-9 days), the Debenture Trustee shall issue a final notice to the issuer. On the issuance of such notice, the issuer shall remit the funds to fund the shortfall into the Sinking Fund Account prior to the end of each 12 Month Block (T).


Weaknesses
­
Weaknesses Significant buildup in receivables
The receivables of the corporation have remained high resulting in a significant build-up of receivables. The debtor’s position stood at Rs. 3,295.23 Cr. i.e. 292 days as on March 31,2025 improved against Rs. 4,616.01 Cr. i.e. 464 days as on March 31, 2024. Trade receivables include property tax, professional tax, company tax, etc which are unpaid by the consumers. Acuité believes that any significant build-up in receivables beyond existing levels will be a key rating sensitivity factor.
Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)
­Listed Bonds of Rs. 200 cr. 
A Grant Fund of Government of Tamil Nadu and managed by Tamil Nadu Urban Infrastructure Financial Services Limited (TNUIFSL) has created the term deposit in the name of PSGF equivalent to Rs.14.04 crore with the Escrow Banker of the municipal bond issue of the Corporation as Credit Enhancement Facility under World Bank assisted Tamil Nadu Resilient Urban Development Program (TNCRUDP) for the issuance of municipal bond (“PSGF Amount”).

The said term deposit shall be kept as cash collateral in the form of security for bondholders for servicing of the bonds during the entire tenor of the bonds & lien marked with the Bond / Debenture Trustee. The Escrow Banker (on the instructions of the Bond / Debenture Trustee) will utilize the PSGF Amount In the case of insufficient funds in the Escrow Account /Interest Payment Account / Sinking Fund Account as mentioned as “Structured Payment Mechanism”. In case of occurrence of payment default or event of default, the PSGF Amount shall be utilized for meeting all the outstanding interest and principal obligations to the bond holders.

Stress Case Scenario
Acuite Sensitized that the property tax which is expected to be collected out of Zone 5 and Zone 7 would be transferred to escrow account, even if adjusted by 50%, the Corporation would be able to meet its debt obligations. Over and above this, the Corporation is expected to maintain DSRA along with PSGF account which is to be replenished in a time bound manner in case of meeting any exigency and shortfall.

Proposed to be listed bonds of Rs. 205.64 cr.
GCC is required to create upfront fixed deposit as cash collateral for an amount equivalent to 7.5% of the total bond issue size. The Upfront FD shall be utilized in accordance with the Interest Payment and Principal Repayment (Sinking Fund) mechanism defined in the structured payment mechanism. 

Acuite believes that the presence of DSRA, Upfront Fixed Deposit and Structured Payment Mechanism in the bond servicing account will help in maintaining ample liquidity and mitigating any risk in repayment of the issue.

Stress Case Scenario
Acuite Sensitized that the property tax which is expected to be collected out of Zone 3 and Zone 9 would be transferred to escrow account, even if adjusted by 50%, the Corporation would be able to meet its debt obligations. Over and above this, the Corporation is expected to maintain DSRA along with Upfront FD which is to be replenished in a time bound manner in case of meeting any exigency and shortfall.
 
Rating Sensitivities
  • ­Significant improvement in collection efficiency.
 
All Covenants
­1. The Issuer shall till the Debentures are outstanding, ensure that the total amounts collected in the Escrow Account in any financial year shall be at least 2 (Two) times of the Annual Payments Amount. For the purpose of this term sheet, the term ‘Annual Payments’ shall, in respect of any financial year, mean the aggregate of:
  1. the Coupon payable in such year (in relation to the present bond issue and any further borrowings);
  2. the portion of principal amount of the Debentures which are required to be deposited by the Issuer into the Sinking Fund Account in such financial year (in relation to the present bond issue and any further borrowings); and (c) Principal Repayment amount (in relation to the further borrowings where sinking fund is not created), in terms hereof.
2. Debt Service Coverage Ratio (DSCR) shall mean the ratio of operating surplus to total debt servicing, which shall not be less than 1.50 times of operating surplus calculated as on 31st March for each financial year (starting from 31st March 2026 till the time bonds are outstanding) as below: DSCR = operating surplus / total debt service

i. Operating surplus calculated as the below:
Operating Surplus = Total Income — Adjusted Expenditure
  1. Total income = Total income of the corporation as per the audited Income and Expenditure statement.
  2. Adjusted Expenditure = Total expenditure as per the audited Income and Expenditure statement - Depreciation -Finance charges - Provisions and Write offs - other non-cash expenditures
ii. Total debt service = interest payment of loans and bonds + transfers made to the sinking fund account towards principal repayment / redemption + principal repayment / redemption (Excluding those made out of the sinking fund account).
So long as the Eligibility Conditions are met, the Issuer shall be entitled to raise further financial indebtedness based on its cash flows including the cash flows through the Escrow Account, provided that it is clarified that nothing in this provision should be construed to permit the creation of any encumbrance over the security without the express prior written consent of the debenture trustee.
For the purpose of this term sheet, the term ‘Eligibility Conditions’ shall mean the following conditions:
  1. the Annual Payments Ratio is maintained by the Issuer;
  2. the Minimum DSCR of 1.50 times is maintained by the Issuer;
  3. there is no shortfall in the contribution to the Escrow Account, the Interest Payment Account (including towards maintenance of the Required DSRA Amount), the Sinking Fund Account which has not been made good by the Issuer in terms of the Transaction Documents; (d) no Event of Default has occurred.
3. Other financial covenants as defined in the Transaction Document
The documents executed in relation to, or which are relevant to the Issue including:
a) Placement Memorandum along with all annexures
b) Debenture Trustee Agreement
c) Escrow Agreement
d) Debenture Trust Deed
e) Deed of Hypothecation
f) Issue Agreement
g) Tripartite Agreements with NSDL and CDSL
h) Issue Proceeds Agreement
i) Any other agreement or document designated as such by the Debenture Trustee (acting on the instructions of the Majority Debenture Holders).
 
4. Additional Covenants Default in Payment (only for listed bonds): In case of default in payment of interest and /or principal redemption on the due dates, the Issuer shall pay an additional interest at the rate of 2% p.a. over the respective Coupon Rates of the Bonds for the defaulting period.

5. Negative Covenants (only for listed bonds): At all times until the Final Settlement Date, the Issuer shall not, without the prior written consent of the Debenture Trustee (acting upon the instructions of the Majority Debenture Holders):

a) create any encumbrance over the Hypothecated Property;
b) enter into any agreement or commitment of any sort, the terms of which conflicts with the pro visions of the Transaction Documents.
c) Close the Collection Accounts and/or collect property tax from Zone 5 & 7 in any other account;
d) Abolish, alter or reduce the Property tax from Zone 5 & 7 levied by the Issuer.
e) undertake or enter into any transaction of merger, de-merger, consolidation, re-organisation, or compromise with its creditors.
 
Liquidity Position
Strong
G­CC has strong liquidity marked by healthy net cash accruals of Rs. 313.49 Cr. in FY2025. Further, under the Section 152 in Chennai City Municipal Corporation Act, 1919, states priority payments for interest and re-payment of loans over other payment. The liquidity remains supported by the cash and bank balances of GCC stood at Rs. 146.76 Cr. as on March 31, 2025, and investments in the form of fixed deposits stood at Rs. 1,476.31 Cr. as on March 31, 2025. The current ratio stood at 2.09 times for FY 25. However, Acuité believes that these funds would be significantly utilized for infrastructural development and repayment of term loan facilities in the near to medium term. 
 
Outlook - Stable
­
 
Other Factors affecting Rating
­None.
 

Particulars Unit FY 25 (Actual) FY 24 (Actual)
Operating Income Rs. Cr. 4396.21 4436.35
PAT Rs. Cr. (863.21) (125.33)
PAT Margin (%) (19.64) (2.82)
Total Debt/Tangible Net Worth Times 0.12 0.14
PBDIT/Interest Times 4.87 10.42
Status of non-cooperation with previous CRA (if applicable)
­Not Applicable
 
Any other information

Supplementary disclosures for Provisional Ratings Risks associated with the provisional nature of the credit rating
In case there are material changes in the terms of the transaction after the initial assignment of the provisional rating and post the completion of the issuance (corresponding to the part that has been issued). Acuité will withdraw the existing provisional rating and concurrently assign afresh final rating in the same press release, basis the revised terms of the transaction.

Rating that would have been assigned in absence of the pending steps/documentation
The structure would have become null and void for the instrument. The rating of the instrument would have been equated to the Unsupported rating of the issuer (ACUITE AA-).

Timeline for conversion to Final Rating for a debt instrument proposed to be issued
The provisional rating shall be converted into a final rating within 90 days from the date of issuance of the proposed debt instrument. Under no circumstance shall the provisional rating continue upon the expiry of 180 days from the date of issuance of the proposed debt instrument.
 
Applicable Criteria
• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.htm
• Urban Local Bodies : https://www.acuite.in/view-rating-criteria-57.htm
Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
13 Aug 2025 Proposed Term Loan Long Term 2062.84 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 81.67 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 14.41 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 13.40 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 217.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 610.68 ACUITE AA- | Stable (Reaffirmed)
Bond Long Term 40.00 ACUITE AA+ | Stable (Assigned)
Bond Long Term 40.00 ACUITE AA+ | Stable (Assigned)
Bond Long Term 40.00 ACUITE AA+ | Stable (Assigned)
Bond Long Term 40.00 ACUITE AA+ | Stable (Assigned)
Bond Long Term 40.00 ACUITE AA+ | Stable (Assigned)
17 Mar 2025 Proposed Term Loan Long Term 1961.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 626.88 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 21.63 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 224.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 17.15 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 91.43 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 57.41 ACUITE AA- | Stable (Reaffirmed)
Proposed Bond Long Term 200.00 ACUITE Provisional AA+ | Stable (Assigned)
23 Oct 2024 Term Loan Long Term 64.94 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 713.37 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 289.84 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 259.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 39.65 ACUITE AA- | Stable (Assigned)
Proposed Term Loan Long Term 1479.83 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 153.37 ACUITE AA- | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
Not Applicable INE1SKA24037 Bond 21 May 2025 7.97 21 May 2035 40.00 Simple ACUITE AA+ | Stable | Reaffirmed
Not Applicable INE1SKA24052 Bond 21 May 2025 7.97 21 May 2034 40.00 Simple ACUITE AA+ | Stable | Reaffirmed
Not Applicable INE1SKA24029 Bond 21 May 2025 7.97 21 May 2033 40.00 Simple ACUITE AA+ | Stable | Reaffirmed
Not Applicable INE1SKA24045 Bond 21 May 2025 7.97 21 May 2032 40.00 Simple ACUITE AA+ | Stable | Reaffirmed
Not Applicable INE1SKA24011 Bond 21 May 2025 7.97 21 May 2031 40.00 Simple ACUITE AA+ | Stable | Reaffirmed
Not Applicable Not avl. / Not appl. Proposed Bond Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 205.59 Simple Provisional | ACUITE AA+ | Stable | Assigned
Not Applicable Not avl. / Not appl. Proposed Bond Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.05 Simple Provisional | ACUITE AA+ | Stable | Assigned
Not Applicable Not avl. / Not appl. Proposed Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2062.84 Simple ACUITE AA- | Stable | Reaffirmed
Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Jan 2038 217.00 Simple ACUITE AA- | Stable | Reaffirmed
Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 28 Feb 2032 13.40 Simple ACUITE AA- | Stable | Reaffirmed
Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Dec 2026 14.41 Simple ACUITE AA- | Stable | Reaffirmed
Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 May 2031 81.67 Simple ACUITE AA- | Stable | Reaffirmed
Tamil Nadu Urban Development Fund Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Jul 2034 610.68 Simple ACUITE AA- | Stable | Reaffirmed

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