Moody’s changes DME view to negative

Moody’s Investors Service said it changed the outlook to negative from under review and confirmed DME Ltd.’s (Moscow Domodedovo Airport) Ba1 corporate family rating, Ba1-PD probability of default rating and Ba1 senior unsecured rating of the dollar-denominated loan participation notes issued by DME Airport DAC.

The outlook change and confirmation conclude the review started on April 3, the agency said.

The outlook reflects the material uncertainties regarding recovery prospects in air passenger traffic and its ability to drive a return of DME’s credit metrics to 2019 levels as well as the risks of an extended disruption to travel resulting in the weaker credit quality of its key carrier operators, or intensified competition leading to the airport’s weaker performance, Moody’s said.

Also, the agency noted the liquidity risks related to the upcoming maturity of a $350 million bond due in November 2021.

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