Rating agency Moody’s today downgraded Delhi International Airport Ltd’s (DIAL) corporate family rating (CFR) from “Ba3” to “B1”, reflecting the adverse impact of reduced passenger traffic and airport revenue in FY22 following a surge in Covid-19 cases.
The senior secured ratings were downgraded from “Ba3” to “B1”. At the same time, Moody’s downgraded Cliffton Ltd’s senior secured bond rating to “Ba3” to “B1”.
The outlook on the ratings is negative.
Moody’s in a statement said the consequent reduction in revenue will lead to additional debt being required to complete the airport’s expansion. It will prolong the recovery in DIAL’s financial metrics to a level consistent with a “Ba” rating.
