Standard & Poor's Ratings Services assigns 'BB' rating GMR's Delhi Airport

Global rating agency Standard & Poor's Ratings Services has assigned its 'BB' long-term corporate credit rating to Delhi International Airport Ltd with a 'stable outlook'. 
S&P also assigned its 'BB' long-term issue rating to GMR Group's proposed US-dollar denominated senior secured notes. 
According to S&P, 'BB' is less vulnerable to nonpayment than other speculative issues. 
However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation. 
"The rating reflects our expectation that DIAL's cash flow adequacy will be weak for the next 18 months as tariffs are re-set," said Standard & Poor's credit analyst Mehul Sukkawala. 

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