Roadstar Infra Investment Trust Gets AA Rating for Rs 3,300 Cr Loan

Roadstar Infra Investment Trust secured an AA (Stable) rating for a Rs 3,300 crore eight‑year refinancing loan, underpinned by strong cash‑flow coverage and a diversified toll‑road portfolio.

• The AA (Stable) rating applies to a Rs 3,300 crore bank‑loan that will replace existing SPV borrowings, centralise debt servicing and stretch repayments to eight years, with a projected Debt Service Coverage Ratio of about 1.8 times over the loan term.
• Operating income jumped to Rs 943.13 crore (from Rs 697.11 crore) and toll collections surged to Rs 817.13 crore, while the net loss narrowed to Rs (11.12) crore and the profit‑after‑tax margin improved to ‑1.18 %.
• The trust holds roughly 3,145 lane‑km of roads across six assets in six states, with net‑debt to enterprise‑value around 36 % and coverage metrics such as PBDIT‑to‑interest rising to 1.72 times.
• Risks include SPV penalties of Rs 29 crore and Rs 15.2 crore, contingent liabilities of Rs 320.05 crore, and traffic‑volume sensitivity that could pressure toll revenue; additional acquisitions could push leverage toward the 49 % ceiling.