TRIS upgrades Hemaraj ratings
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TRIS Rating has upgraded the company rating of Hemaraj Land and Development and the ratings of the listed firm’s senior unsecured debentures to “A-” from “BBB+”.
The upgrade reflects the improved credit profile of WHA Corporation, which subsequently leads to a higher credit rating on Hemaraj, a core subsidiary of WHA.
The upgraded ratings continue to reflect Hemaraj’s proven record of developing industrial estates and its substantial base of recurring income, TRIS said on Tuesday.
The company earns substantial recurring income from the sale of utility services and the dividends from investments made in power projects.
The ratings incorporate the volatile nature of the industrial property market and the slow recovery of demand for industrial land under the timid investment climate in the short term, the ratings company added.
