Fitch assigns Cliffton notes BB

Fitch Ratings said it assigned Cliffton Ltd.’s proposed dollar-denominated senior secured notes an expected BB rating with a negative outlook.

“Cliffton is an orphan financing vehicle incorporated in Mauritius with no direct linkages to DIAL. The rating reflects the consolidated credit profile of Delhi International Airport Ltd. (DIAL, BB/negative). The green NCDs will be senior ranking in line with other bonds issued by DIAL. We, therefore, rate the proposed U.S.-dollar notes at the same level as DIAL’s issuer default rating (IDR),” Fitch said in a press release.

The proceeds will be used to subscribe to green Indian rupee non-convertible debentures to be sold by DIAL. DIAL will use the majority of those proceeds to refinance its bonds and the balance towards capital expenditure investment in eligible green assets.

The outlook is negative.

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