Credit Rating by Japan Credit Rating Agency Ltd.

No. HUDCO/SE/2026-27 3rd September, 2026 Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejebhoy Towers, Exchange Plaza, C-1, Block-G, Dalal Street, Bandra Kurla Complex, Bandra (E) Mumbai - 400001 Mumbai - 400051 Scrip Code - 540530 NSE Symbol - HUDCO Sub: Corporate Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015 - Credit rating by Japan Credit Rating Agency Ltd. ----------------------------------------------------------------------------------------------------- Sir/Madam, In compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that Japan Credit Rating Agency, Japan, has upgraded HUDCO's Foreign and Local Currency Long Term Issuer Ratings by one notch (i.e., from BBB+ to A-) with Stable outlook in keeping with the rating upgrade for Republic of India. Accordingly, Japan Credit Rating Agency (JCRA) Ltd. by Press Release dated 03.09.2026, has communicated as under:- Instrument/Facilities Rating Outlook Foreign Currency Long-term Issuer Rating A- Stable Local Currency Long-term Issuer Rating A- Stable The Press release in this regard published by JCRA Ltd. is attached. This is for your kind information. Yours sincerely For Housing and Urban Development Corporation Limited Vikas Goyal Company Secretary & Compliance Officer Encl.: As above 26-I-0067 September 3, 2026 Japan Credit Rating Agency, Ltd. (JCR) announces the following credit ratings. Housing and Urban Development Corporation Limited (security code: -) <Rating Change> Foreign Currency Long-term Issuer Rating: from BBB+ to A- Outlook: Stable Local Currency Long-term Issuer Rating: from BBB+ to A- Outlook: Stable Rationale Housing and Urban Development Corporation Limited (HUDCO) is a public financial institution incorporated by the Government of India (GoI) for the purpose of housing construction and urban infrastructure development in the country. It plays a highly significant role in GoI’s housing promotion policy and urban development initiatives. The ratings strongly reflect GoI’s Long-term Issuer Ratings, considering HUDCO’s strong capital and personnel ties with GoI, its critical position as a financing arm for housing and urban development projects nationwide, and its close integration with GoI that is underpinned by its designation as a de facto implementing agency (Nodal Agency) for government-led projects. JCR upgraded HUDCO’s Foreign and Local Currency Long-term Issuer Ratings by one notch with Stable outlook in keeping with the rating upgrade for Republic of India announced on September 2, 2026. Hiroshi Tonegawa, Shintaro Ito Rating Issuer: Housing and Urban Development Corporation Limited <Rating Change> Foreign Currency Long-term Issuer Rating: A- Outlook: Stable Local Currency Long-term Issuer Rating : A- Outlook: Stable Rating Assignment Date: September 1, 2026 The assumptions for the credit ratings and the definitions of the rating symbols are published as "Types of Credit Ratings and Definitions of Rating Symbols" (January 6, 2014) in Information about JCR Ratings on JCR's website (https://www.jcr.co.jp/en/). Outline of the rating methodology is shown as "Sovereign and Public Sector Entities" (October 1, 2021) in Information about JCR Ratings on JCR's website (https://www.jcr.co.jp/en/). The rating stakeholder participated in the rating process of the aforementioned credit ratings. Japan Credit Rating Agency, Ltd. Jiji Press Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan Tel. +81 3 3544 7013, Fax. +81 3 3544 7026 Information herein has been obtained by JCR from the issuers and other sources believed to be accurate and reliable. However, because of the possibility of human or mechanical error as well as other factors, JCR makes no representation or warranty, express or implied, as to accuracy, results, adequacy, timeliness, completeness or merchantability, or fitness for any particular purpose, with respect to any such information, and is not responsible for any errors or omissions, or for results obtained from the use of such information. Under no circumstances will JCR be liable for any special, indirect, incidental or consequential damages of any kind caused by the use of any such information, including but not limited to, lost opportunity or lost money, whether in contract, tort, strict liability or otherwise, and whether such damages are foreseeable or unforeseeable. JCR's ratings and credit assessments are statements of JCR's current and comprehensive opinion regarding redemption possibility, etc. of financial obligations assumed by the issuers or financial products, and not statements of opinion regarding any risk other than credit risk, such as market liquidity risk or price fluctuation risk. JCR's ratings and credit assessments are statements of opinion, and not statements of fact as to credit risk decisions or recommendations regarding decisions to purchase, sell or hold any securities such as individual bonds or commercial paper. The ratings and credit assessments may be changed, suspended or withdrawn as a result of changes in or unavailability of information as well as other factors. JCR receives a rating fee paid by issuers for conducting rating services in principle. JCR retains all rights pertaining to this document, including JCR's rating data. Any reproduction, adaptation, alteration, etc. of this document, including such rating data, is prohibited, whether or not wholly or partly, without prior consent of JCR. JCR is registered as a "Nationally Recognized Statistical Rating Organization" with the U.S. Securities and Exchange Commission with respect to the following four classes. (1) Financial institutions, brokers and dealers, (2) Insurance Companies, (3) Corporate Issuers, (4) Issuers of government securities, municipal securities and foreign government securities. JCR publishes its press releases regarding the rating actions both in Japanese and in English on the same day. In case that it takes time to translate rating rationale, JCR may publicize the summary version, which will be replaced by the full translated version within three business days. (Regarding Structured Finance products, JCR only publicize the summary version in English.) 1 / 1 Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved. Information Disclosure Form Japan Credit Rating Agency, Ltd. Disclosure Required by Paragraph (a)(1)(ii) of Rule 17g-7 Issuer: Housing and Urban Development Corporation Limited Rating Publication September 3, 2026 Date: The Symbol, Number, or Score in the Rating Scale used to Denote Credit Rating Categories and Notches and, the Identity of the Obligor or the Identity and a Description of the Security or Money Market Instrument as Required by Paragraph (a)(1)(ii)(A) of Rule 17g-7 Please see the news release. If the credit rating is a private rating, please see the report for private rating. 2 The version of the procedure or methodology used to determine the credit rating; as Required by Paragraph (a)(1)(ii)(B) of Rule 17g-7 Please see the news release. If the credit rating is a private rating, please see the report for private rating. 3 The Main Assumptions and Principles used in Constructing the Procedures and Methodologies used to Determine the Credit Rating as Required by Paragraph (a)(1)(ii)(C) of Rule 17g-7 The credit rating methodology assumes, in principle, to be applied to assess the likelihood of a given debt payment in light of its issuer’s condition and business environment, etc. in the relevant future. There is certain limitation, however, in the time horizon that the rating foresees. The credit rating methodology assumes, in principle, that the factors posted in the below are particularly important for such likelihood to be determined, and that the rating determination is made by evaluating each of them not only quantitatively but also employing qualitative analyses. A) Legal Protection and [Showing first 8,000 characters — download PDF for full document]