Moody’s Investors Service today placed GMR Hyderabad International Airport Ltd’s (HIAL) Ba1 corporate family rating (CFR) on review for possible downgrade. The outlook has been changed to rating under review, from negative. The rating action reflects the worsening coronavirus outbreak and the increasingly stringent travel restrictions imposed both in India and globally, including ongoing measures introduced by the Government of India (Baa2 negative), the investors service said in a media statement.
The HIAL is the concessionaire for the Rajiv Gandhi Hyderabad International Airport (RGIA) in Hyderabad under a long-term concession agreement with the Ministry of Civil Aviation.
“The rating action reflects our expectation of a sharp decline in passenger and aircraft traffic at Hyderabad Airport in the coming months and the uncertainty over the timing and extent of a recovery,
