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Prospect News home > News index > List of issuers I > Headlines for India Airport Infra > News item
Published on 1/17/2023 in the Prospect News Emerging Markets Daily.

Fitch trims India airport notes

Fitch Ratings said it lowered its rating on India Airport Infra's $450 million of 6¼% senior secured notes to B+ from BB-. The agency also affirmed Delhi International Airport Ltd.'s (DIAL) long-term issuer default rating (IDR) and rating on senior secured notes at BB-.

“India Airport Infra is an orphan financing vehicle with no legal linkage to DIAL. The downgrade reflects Fitch's assessment of risk in an orphan issuance structure. Fitch believes that the orphan SPV issuer provides less protection to offshore U.S. dollar noteholders in a failure of a hedge counterparty and termination of its hedge agreements before the notes mature,” the agency said in a press release.

The outlook is stable.


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