Phoenix Mills Ltd announced that India Ratings and Research Private Limited, formerly Fitch Ratings India Private Limited, has upgraded its ratings on the company's bank facilities from IND AA to IND AA+ and affirmed the IND A1+ rating for Commercial Paper, Commercial Paper, and Commercial Paper; the rating rationale published by the Credit Rating Agency is enclosed, and the information is also being uploaded to the company’s website; there were no enhancements, assignments, or withdrawals related to these ratings.