VIJAYAWADA: The agency, which has been engaged for credit rating of proposed bonds to be issued by the AP Capital Region Development Authority(CRDA), is expected to affirm AA- rating.Even though an official announcement is yet to be made, TNIE has learnt that the credit rating agency would most likely affirm AA- rating with a stable outlook, meaning the bonds are a safe investment option with low credit risk.
The same would be informed to the prospective investors, for whom a meeting is scheduled to be convened on Thursday in Mumbai. It maybe recalled that the CRDA has hired an agency seeking credit rating to issue bonds up to Rs 2,000 crore. The issuance of bonds is a means to raise quick money for construction of capital Amaravati. Sources further added that the CRDA is in the process of seeking credit rating from multiple agencies.
“The affirmation of credit rating from multiple agencies for the bonds will add credibility to our case. So, we are getting ratings from different agencies,” a source explained. For the record, the CRDA is expecting to tap funds from issuance of bonds before the end of May. After examining the response for these bonds, the CRDA, as directed by Chief Minister Chandrababu Naidu, would also explore the possibility of issuing special bonds for Telugu NRIs. These special bonds would be called ‘Amaravati Bonds’.