BSEOthers1d ago · 30 Jul 2026, 11:11 pm

Cube Highways Trust has informed the Exchange regarding Credit rating Review on 29/07/2026

Cube Highways Trust · 543899

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Cube Highways Trust has received credit ratings from India Ratings and Research for its bank facilities and non-convertible debentures, with all ratings being IND AAA/Stable.

Analysis Scores

Earnings Impact5/10
Growth Catalyst2/10
Governance Concern1/10
Regulatory Risk1/10
Balance Sheet Risk1/10
Liquidity Impact8/10
Market Sentiment5/10

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Cube Highways Trust - 543899 - Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating

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July 30, 2026 Listing Department Listing Department BSE Limited National Stock Exchange of India Limited 20th Floor, P. J. Towers Exchange Plaza, C-1, Block-G Dalal Street, Mumbai – 400 001 Bandra-Kurla Complex, Bandra (E) Units: Mumbai - 400 051 Scrip Code: 543899 ISIN: INE0NR623014 Symbol: CUBEINVIT Non-convertible debentures: Scrip Code: 974936 ISIN: INE0NR607017 Scrip Code: 975770 ISIN: INE0NR607025 Scrip Code: 976397 ISIN: INE0NR607033 Scrip Code: 976434 ISIN: INE0NR607041 Scrip Code: 976636 ISIN: INE0NR607058 Scrip Code: 976637 ISIN: INE0NR607066 Scrip Code: 977036 ISIN: INE0NR607074 Scrip Code: 977037 ISIN: INE0NR607082 Scrip Code: 977917 ISIN: INE0NR607090 Sub: Intimation regarding Credit Rating of Cube Highways Trust Dear Sir/Ma’am, Pursuant to the provisions of Regulation 23 of Securities and Exchange Board of India (SEBI) (Infrastructure Investment Trusts) Regulations, 2014, read with SEBI Master Circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025, and Regulation 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that following credit rating(s) have been received: Sr. Name of Credit Particulars Size of the Ratings and Outlook No. Rating Agency issue (In Crore) 1. Term loan 5,622.69 IND AAA/Stable 2. Term Loan 413.90 IND AAA/Stable 3. Term Loan 645.40 IND AAA/Stable 4. Term Loan 1,382.99 IND AAA/Stable 5. India Ratings & Bank Guarantee 100.00 IND AAA/Stable Research 6. Bank Guarantee 150.00 IND AAA/Stable 7. Non-Convertible Debentures 1,030.00 IND AAA/Stable 8. Non-Convertible Debentures 648.00 IND AAA/Stable 9. Non-Convertible Debentures 552.00 IND AAA/Stable 10. Non-Convertible Debentures 600.00 IND AAA/Stable 11. Non-Convertible Debentures 420.00 IND AAA/Stable 12. Non-Convertible Debentures 400.00 IND AAA/Stable 13. Non-Convertible Debentures 600.00 IND AAA/Stable We enclose herewith a credit rating letter issued by the rating agency for your information. Request to take the same on record. For Cube Highways Fund Advisors Private Limited (acting in its capacity as Investment Manager to Cube Highways Trust) Richa Gupta Rohatgi Company Secretary and Compliance Officer Encl: As above CC to: Trustee to the InvIT Debt Security Trustee Axis Trustee Services Limited Catalyst Trusteeship Limited Axis House, P B Marg, Worli 901, 9th Floor, Tower-B Peninsula Mumbai, Maharashtra, India, 400025 Business Park, Senapati Bapat Marg Lower Parel(W), Mumbai, Maharashtra- 400013 CUBE HIGHWAYS FUND ADVISORS PRIVATE LIMITED CIN: U74999DL2021FTC379941 Regd. Office: B-376, UGF, Nirman Vihar, New Delhi - 110092 Corporate Office: Unit No. 1901, 19th Floor, Tower-B, World Trade Tower, Plot No. C-1, Sector-16, Noida, U.P-201301 E-mail: - compliance.officer@cubehighways.com, Phone: +91-120-4868300 Mr. Saurabh Bansal Vice President - Cube Highways Fund Advisors Private Limited (IM of CHT) CUBE HIGHWAYS TRUST Unit No.1901, 19th Floor, Tower B, World Trade Tower, Plot No.C-1, Sector 16, Noida-201301 July 29, 2026 Dear Sir/Madam, Re: Rating Letter of CUBE HIGHWAYS TRUST India Ratings and Research (Ind-Ra) is pleased to communicate the rating of CUBE HIGHWAYS TRUST's bank facilities & NCDs as follows: INR 83.15bn Bank loan facilities: IND AAA/Stable INR42.55bn Non-convertible debentures: IND AAA/Stable In issuing and maintaining its ratings, India Ratings relies on factual information it receives from issuers and underwriters and from other sources India Ratings believes to be credible. India Ratings conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security. The manner of India Ratings factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in India where the rated security is offered and sold, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third-party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of India Ratings ratings should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information India Ratings relies on in connection with a rating will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to India Ratings and to the market in offering documents and other reports. In issuing its ratings India Ratings must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings can be affected by future events or conditions that were not anticipated at the time a rating was issued or affirmed. India Ratings seeks to continuously improve its ratings criteria and methodologies, and periodically updates the descriptions on its website of its criteria and methodologies for securities of a given type. The criteria and methodology used to determine a rating action are those in effect at the time the rating action is taken, which for public ratings is the date of the related rating action commentary. Each rating action commentary provides information about the criteria and methodology used to arrive at the stated rating, which may differ from the general criteria and methodology for the applicable security type posted on the website at a given time. For this reason, you should always consult the applicable rating action commentary for the most accurate information on the basis of any given public rating. Ratings are based on established criteria and methodologies that India Ratings is continuously evaluating and updating. Therefore, ratings are the collective work product of India Ratings and no individual, or group of individuals, is solely responsible for a rating. All India Ratings reports have shared authorship. Individuals identified in an India Ratings report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer. Ratings do not comment on the adequacy of market price, the suitability of any investment, loan or security for a particular investor (including without limitation, any accounting and/or regulatory treatment), or the tax-exempt nature or taxability of payments made in respect of any investment, loan or security. India Ratings is not your advisor, nor is India Ratings providing to you or any other party any financial advice, or any legal, auditing, accounting, appraisal, valuation or actuarial services. A rating should not be viewed as a replacement for such advice or services. Investors may find India Ratings ratings to be important information, and India Ratings notes that you are responsible for communicating the contents of this letter, and any changes with respect to the rating, to investors. It will be important that you promptly provide [Showing first 8,000 characters — download PDF for full document]