DCCDL, the rental arm of DLF Limited, announced that CRISIL Ratings had upgraded its rating to CRISIL AAA (Stable) from CRISIL AA+(stable).
CRISIL stated that the upgrade reflects the expectation of sustenance of the strong business risk profile, backed by high occupancy levels and scale of the operational portfolio (40.4 m sq ft [msf]), along with structural year-on-year improvement in the financial risk profile, which is expected to continue over the medium term.
Sriram Khattar, Vice Chairman & Managing Director of DCCDL, stated, "This milestone reflects our 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. It also strengthens our resolve to meet, if not exceed, our commitments to governance and financial prudence, along with delivering the highest quality of sustainable buildings and services."
DCCDL operates one of the largest commercial real estate portfolios in the country. Its office portfolio comprises approx. 36 m sq ft with occupancy of 93%, spread across Gurugram, Chennai, Hyderabad and Chandigarh. It also operates a retail portfolio of approx. 4.3 msf has a 95% occupancy spread across NCR, Chennai and Chandigarh. It is adding another ~12 msf of office space and ~2 msf of retail space in the near term.
