GMR's Delhi airport to refinance forex loans via bonds
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Delhi International Airport Private Ltd (DIAL), a unit of infrastructure conglomerate GMR, plans to retire its existing foreign currency term loans with funds raised through bonds.
Ratings agency Moody's has assigned Ba1 rating to these bonds.
The (P) Ba1 corporate family rating primarily reflects DIAL's strong market position as the international gateway to India's landlocked capital, said Arnon Musiker, a Moody's Vice President and Senior Credit Officer.
The airport is expected to benefit from increased travel demand in the country. An increasing proportion of the airport's revenues - being non-aeronautical revenues - will be driven by rising passenger volumes, Moody's said in a statement.
The airport's core aeronautical revenue stream is regulated on a price cap basis and, as such, is not exposed to the risk of fluctuations in passenger volumes, a source of fundamental rating support.
While the regulatory framework for the sector was only established around three years ago, the regulator has to date shown a supportive stance towards the sector. This supportive regulatory environment should act as a buffer against unanticipated weakness in unregulated non-aeronautical revenues, the rating agency said.
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