S&P rates Delhi International Airport notes BB

Standard & Poor’s said it assigned its BB long-term corporate credit rating to Delhi International Airport Pte. Ltd.

The outlook is stable.

S&P also assigned a BB long-term issue rating to the company’s proposed U.S. dollar-denominated senior secured notes.

“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 S&P credit analyst Mehul Sukkawala in a news release. “In addition, the company is likely to be exposed to higher regulatory risks than peers elsewhere in Asia-Pacific. Nevertheless, we believe DIAL's market position and operating efficiency are good.”

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