Friday, July 07, 2017

Icra upgrades Hyderabad airport's debt rating to AA

Icra has upgraded the long-term rating for the debt of GMR Hyderabad International Airport Limited (GHIAL) to AA from AA- with stable outlook.

The rating is for the airport's Rs 1,667.36 crore fund-based facilities and Rs 11.24 crore unallocated limits.

Also, the Icra has re-affirmed the short-term rating assigned to the Rs 75 crore non-fund based limits at A1+.

The rating upgrade reflects GHIAL's robust cash accruals and strong liquidity position as reflected by a liquid surplus of Rs 641.75 crore as on March 31, 2017, the agency said.

The traffic growth at GHIAL was the highest among the major private airports in FY17, with air traffic movement growing by 24 per cent and passenger traffic by 22 per cent.

Overall, the passenger traffic grew at a CAGR of 15.8 per cent during FY13-FY17 to 15.1 million and the air traffic movement at CAGR of 9.5 per cent to 1,31,000 during the period.
07/07/17 PTI/DNA