Kerala's Technopark gets top CRISIL rating for second time

Source :IANS
Author :IANS
Last Updated: Wed, Jul 29th, 2020, 22:41:22hrs
Technopark

Thiruvananthapuram: For the second successive year, rating agency CRISIL has accorded 'CRISIL A/Stable' rating to Electronics Technology Parks Kerala (Technopark) for financial stability.

This rating comes at a time when Technopark, the first technology park of the country, here, enters its third decade, where at present it houses over 450 companies in the IT and IT-enabled sector, with a total of 62,000 employees.

The rating reflects Technopark's steady cash flow with diversified clientele occupancy and healthy debt protection metrics, backed by sufficient liquidity.

"The current rating incorporates the positive track record of Technopark and the future expectations of revenue growth. It is significant that CRISIL has noted that Technopark's outlook is sound, considering its financial stability and track record", said P.M. Sasi, CEO, IT Parks, Kerala.

The rating agency noted that the management's pro-active approach towards property maintenance has helped retain tenant continuity and asset quality.

It said the firm's liquidity is healthy as steady revenue flow from lease rent is sufficient to meet debt obligation over the medium term. Also, it has ample liquidity of fixed deposits and bank balance to meet its daily operations as well as debt servicing.

Set up by the Government of Kerala in 1990, Technopark is the flagship brand of Kerala IT.