Rationale

 ICRA has withdrawn the rating assigned to the NCD of Swarna Tollway Private Limited (STPL) since the same has been fully paid off. The withdrawal is in accordance with ICRA’s policy on withdrawal. Highway Infrastructure Trust (HIT) had exercised the call option from the existing NCD holders (Nippon Indian Prime Debt fund and Nippon India short-term debt fund) in March 2024, which was in line with its term sheet. ICRA does not have information to suggest that the credit risk has changed since the time the rating was last reviewed.