Moody’s affirms Hyderabad Airport’s Ba2 rating, negative outlook

Moody’s Investors Service has affirmed GMR Hyderabad International Airport Ltd’s (HIAL’s) Ba2 corporate family rating (CFR) and Ba2 senior secured USD bond rating.

The outlook on ratings remains negative.

“The rating affirmation reflects our expectation of a gradual improvement in HIAL’s revenue over the next two to three, driven by the implementation of higher tariffs under the final tariff order from April 2022, and a gradual recovery in passenger traffic and non-aeronautical businesses under our base case,” said Spencer Ng, a Moody’s Vice President and Senior Analyst.

“Nevertheless, the headroom available to HIAL to manage any further downside risks have narrowed relative to our previous expectation.