The rating upgrade reflects larger-than-expected tolling revenues, and consequently cash accruals, generated by SPCPL in 2010-11 from its build-operate-transfer (BOT) project.
The ratings reflect timely completion of the BOT project by SPCPL, its sizeable tolling revenues, and the benefits it derives from the extensive experience of its partner concerns in small construction, BOT, and tolling projects.
CRISIL expects SPCPL's cash flows to remain stable over the near term, backed by stable traffic volumes.