New Delhi: S&P Global Ratings has revised downwards the credit outlook on GMR Hyderabad International Airport Ltd (GHIAL) to 'stable' from 'positive', citing that higher spending and lower tariffs could push debt levels higher.
However, the agency has affirmed the 'BB+' long-term credit rating on the airport operator as well as its outstanding senior secured notes.
Generally, 'BB+' indicates relatively less vulnerability of defaults.
"The outlook revision reflects our view that GHIAL's expanded capital expenditure (capex) plans will result in higher leverage than we expected over the next two to three years," S&P Ratings said in a release Thursday.
It noted that regulatory uncertainties would remain elevated for the airport operator, given continuing tariff reset delays and timing uncertainty of capex recovery.
GHIAL operates the Hyderabad international airport.
23/11/18 PTI/Times of India
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However, the agency has affirmed the 'BB+' long-term credit rating on the airport operator as well as its outstanding senior secured notes.
Generally, 'BB+' indicates relatively less vulnerability of defaults.
"The outlook revision reflects our view that GHIAL's expanded capital expenditure (capex) plans will result in higher leverage than we expected over the next two to three years," S&P Ratings said in a release Thursday.
It noted that regulatory uncertainties would remain elevated for the airport operator, given continuing tariff reset delays and timing uncertainty of capex recovery.
GHIAL operates the Hyderabad international airport.
23/11/18 PTI/Times of India
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