Moody’s Investors Service has downgraded Delhi International Airport Ltd’s (DIAL’s) corporate family rating and senior secured ratings to B1 from Ba3.
It has also downgraded DIAL’s baseline credit assessment to b1 from ba3. At the same time, Moody’s has downgraded Cliffton Ltd’s senior secured bond rating to B1 from Ba3.
The outlook on the ratings is negative.
The rating downgrade reflects adverse impact of reduced passenger traffic and airport revenue in the current fiscal year ending March 2022 due to surge in daily infection numbers since late March.
“We believe the consequent reduction in revenue will lead to additional debt being required to complete the airport’s expansion and prolong the recovery in DIAL’s financial metrics to a level consistent with a Ba rating,”
