Covid Woes: Moody’s downgrades GMR’s Delhi airport

Moody’s Investors Service on Friday downgraded Delhi International Airport Limited’s (DIAL) corporate family rating (CFR) and senior secured ratings to ‘B1’ from ‘Ba3’. The rating agency also downgraded DIAL’s baseline credit assessment (BCA) and Cliffton Limited’s senior secured bond rating to ‘B1’ from ‘Ba3’, and said the outlook on the ratings is negative.

Moody’s said the negative outlook captures downside risks over the next 12-18 months, given the material uncertainty in the recovery of India’s passenger traffic, which will be heavily influenced by when travel restrictions are lifted and the successful roll-out of vaccines as outlined by the government.