CRISIL gives BB/"stable" rating to term loan of Granite Gate Properties.

(ADPnews) - Jan 24, 2011 - Indian rating agency CRISIL on Friday assigned a BB/"stable" rating to a term loan of Granite Gate Properties Pvt Ltd.

The agency issued the following press release:

Rs.1250.0 Million Term Loan * BB/Stable (Assigned)

* Includes a proposed limit of Rs.750.0 million

CRISIL has assigned its CyBB/Stable' rating to the bank facilities of Granite Gate Properties Pvt Ltd (GGPPL).

The ratings reflect GGPPL's exposure to high fund fungibility between group entities and susceptibility to inherent risks and downturns in the domestic real estate industry. These weaknesses are partially offset by GGPPL's comfortable market …