Moody's cuts Delhi Airport

Moody's Investors Service said it downgraded Delhi International Airport Ltd.'s corporate family rating and senior secured ratings to Ba3 from Ba2. The ratings have also been placed on review for further downgrade. The outlook has been changed to rating under review from stable.

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.

"The downgrade to Ba3 reflects our expectation of a sharp decline in passenger and aircraft traffic at Delhi Airport in the coming months and the uncertainty over the timing and extent of a recovery, which coincides with increased debt issuance as the airport enters the peak stage of its Rs. 98 billion expansion project," said Spencer Ng, a Moody's vice president and senior analyst, in a press release.

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