Indus Towers had its credit rating upgraded to [ICRA]AAA with a Stable outlook by ICRA Limited on November 27, 2025. This upgrade applies to the company’s Non-Convertible Debentures and fund-based limits, reflecting confidence in its financial stability. The rating for Commercial Papers is reaffirmed. The outlook on long-term and short-term instruments are now stable.
Credit Rating Upgrade
On November 27, 2025, ICRA Limited upgraded the credit rating for Indus Towers. The long-term rating has been raised to [ICRA]AAA from [ICRA]AA+, and the outlook has been revised to Stable.
Impact on Instruments
The [ICRA]AAA (Stable) rating applies to the following instruments:
- Rs. 1,375 crore Non-Convertible Debenture
- Long-term Fund based / Term loans
- Fund based/Non-fund based limits
Commercial Paper Rating
The rating for Commercial Papers remains reaffirmed at [ICRA]A1+.
Debenture Update
The rating and outlook assigned to Rs. 375 crore Non-Convertible Debenture has been revised to “[ICRA]AAA (Stable)” from “[ICRA]AA+ (Positive)” and withdrawn, as no amount is outstanding.
Source: BSE
