ICRA has assigned a long-term rating of Provisional [ICRA]AAA with Stable outlook to the Rs. 850.00-crore NCD programme of the IndInfravit Trust (IndInfravit, or the Trust, or the InvIT). The Trust plans to raise and on-lend to some SPVs for retiring their external borrowings. ICRA also noted that with the proposed prepayment of external debt at the SPVs, there will be full cash flow fungibility between the SPVs and the Trust, thus improving the financial flexibility on a consolidated level while overall trust's consolidated debt remaining at similar level (except for minor increase due to redemption premium for debt repayment at SPV level). The rating assigned by ICRA is not a comment on the ability of IndInfravit to meet distribution/dividend payouts to unitholders/investors; neither should it be construed as a comment on the debt servicing ability of the individual project assets or special purpose vehicles (SPVs) held by the Trust. ICRA has undertaken the consolidated financial analysis of IndInfravit and its underlying SPVs—Krishnagiri Thopur Toll Road Limited (KTTL), Krishnagiri Walajapet Tollway Limited (KWTL), Western Andhra Tollways Limited (WATL), Beawar Pali Pindwara Tollway Limited (BPP), Devihalli Hassan Tollway Limited (DHTL), Aurangabad Jalna Tollway Limited (AJTL), Bhilwara-Rajsamand Tollway Private Limited (BRTPL), Bijapur Hungund Tollway Private Limited (BHTPL), Dhule Palesner Tollway Limited (DPTL), Hyderabad-Yadgiri Tollway Private Limited (HYTPL), Shreenathji-Udaipur Tollway Private Limited (SUTPL), Nagpur Seoni Expressway Limited (NSEL), Mysore Bellary Highway Private Limited (MBHPL), Ahmedabad Ring Road Infrastructure Limited (ARRIL; yet to be acquired). IndInfravit has a 100% equity stake in all these SPVs (except ARR, which is proposed to be acquired) and full cash flow fungibility in case of SPVs that do not have any external debt as well as unhindered access to the surplus cash flows for the SPVs that have external debt. There is an established track record of transfer of surplus from the SPVs to the InvIT from the time of inclusion of these assets under the InvIT structure. Further, these assets have comfortable debt servicing coverage ratios (DSCR) and significant cushion from triggering the cash trap levels defined in their respective financing agreements.