S&P elevates Delhi International Airport

S&P said it raised its long-term issuer credit rating on Delhi International Airport Ltd. (DIAL) and the issue rating on its senior secured notes to B+ from B.

The outlook is positive.

“The positive outlook indicates that we may raise the ratings over the next 12-18 months if DIAL's ratio of operating cash flow (OCF) to debt increases to more than 7% following the implementation of higher CP4 tariffs. A solid passenger traffic recovery and higher profitability at about 30% will also support stronger cash flows,” S&P said in a news release.

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