MOODY CUTS DIAL’S CREDIT RATINGS

New Delhi: Moody’s investors service on Monday cut credit rating of Delhi International Airport (DIAL), which operates the international airport here, citing concerns over “cash flow generation” level. DIAL’s corporate family rating as well as senior secured ratings have been revised downwards to ‘Ba2’ from ‘Ba1’ while the outlook is stable. ‘Ba’ indicates substantial credit risk. Moody’s vicepresident and senior analyst Abhishek Tyagi said “the downgrade reflects continued concerns about the level of cash flow generation”. This follows regulator AERA’s previous tariff order, “which will see regulated revenues reduced materially over the 2015-19 regulatory period to levels that were not incorporated in our previous expectation”, he said. The rating downgrade has also considered DIAL’s new expansion plans over the next 3-5 years. — PTI