Revocation of the measures will be contingent upon directive from the central government and extent of spread of COVID-19. A sustained long period of closures can result in significant deterioration in credit profile of the company. On the other hand, a faster reversal to normalcy may contain the extent of deterioration likely in credit quality of the company. That said, the ability of the business to revert back to operational stability and any relief measures given by the government will be key rating sensitivity factors.

The credit rating agency further added that mall shut down beyond 30 April 2020 will lead to a further downgrade. Currently CRISIL has rated Phoenix Mills' Long Term Rating to A+ (Rating Watch with Negative Implications).

The Phoenix Mills group is the largest player in the Indian retail mall segment, and has a portfolio of 59 lakh sq. ft of eightwell-established retail mall assets across major cities in the country. It also has an office portfolio of 17.6 lakh square feet in Mumbai and Pune, two operational hotels (one in Mumbai and another in Agra), and residential real estate of 37 lakh sq. ft in Bengaluru and Chennai.