Cube Highways Trust has received CRISIL's highest credit rating of AAA/Stable for its bank facilities worth Rs. 13,850 crores, as communicated to the stock exchanges on March 06, 2026. The infrastructure investment trust also secured a CRISIL A1+ short-term rating, reflecting strong creditworthiness across its banking relationships.

Credit Rating Details

CRISIL Ratings has assigned the following ratings to Cube Highways Trust's banking facilities:

The AAA rating represents the highest level of safety regarding timely servicing of financial obligations and carries the lowest credit risk. The stable outlook indicates that the rating is unlikely to change in the near term.

Banking Facility Breakdown

The rated facilities are distributed across multiple leading banks, demonstrating diversified banking relationships:

Regulatory Compliance

The rating intimation was communicated to BSE Limited and National Stock Exchange of India Limited in compliance with Regulation 23 of SEBI (Infrastructure Investment Trusts) Regulations, 2014, and SEBI Master Circular dated July 11, 2025. The communication was signed by Richa Gupta Rohatgi, Company Secretary and Compliance Officer of Cube Highways Fund Advisors Private Limited, acting as Investment Manager to Cube Highways Trust.

Rating Agency Communication

CRISIL Ratings confirmed that all ratings are kept under continuous surveillance and review. The rating agency emphasized that the ratings reflect their current opinion on the likelihood of timely payment of obligations and are based on information provided by the issuer and sources considered reliable by CRISIL.

Cube Highways Trust has announced a significant organizational change with the appointment of a new Project Manager, following board approvals completed on February 27, 2026. The infrastructure investment trust communicated this development to stock exchanges as part of its regulatory compliance obligations.

Board Approvals and New Entity Formation

The Board of Directors of Cube Highways Fund Advisors Private Limited, acting as investment manager to the Trust, approved the incorporation of a wholly owned subsidiary during its meeting on February 13, 2026. The new entity, named 'Cube Highways Asset & Project Advisory Private Limited', was specifically created to assume project management responsibilities.

Subsequently, in a meeting held on February 27, 2026, the board formally approved the replacement of the existing Project Manager and the appointment of the new subsidiary to this role.

Project Manager Transition Details

Regulatory Requirements and Approvals

The change in Project Manager is subject to several regulatory and contractual conditions that must be fulfilled before implementation. Key requirements include:

• Approval from National Highways Authority of India (NHAI)
• Completion of applicable regulatory formalities
• Execution of new project implementation and management agreement (Fresh PIMA)
• Consultation with Axis Trustee Services Limited as the Trust's trustee

The transition will become effective only upon execution of the Fresh PIMA, contingent on receiving all necessary approvals.

Compliance Framework

The announcement was made pursuant to Regulation 23 of the SEBI Infrastructure Investment Trusts Regulations, 2014, along with other applicable provisions including Regulations 4, 7(b), and 11. The Trust also referenced SEBI Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025, as part of its compliance framework.

The communication was signed by Richa Gupta Rohatgi, Company Secretary and Compliance Officer, and copied to both Axis Trustee Services Limited as the InvIT trustee and Catalyst Trusteeship Limited as the debt security trustee.