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Bond Market News
GMR Hyderabad and Delhi International Airport Upgraded by S&P
May 8, 2024
GMR Hyderabad International Airport (GMR) and Delhi International Airport (DIAL) were both upgraded by a notch each to BB and BB- respectively. Both the upgrades come on back of rising tariffs and robust recovery in traffic leading to improvement in cash flows for the companies. S&P expects GMR to double its both EBITDA and cash flow to INR 15.8bn ($0.19bn) and INR 6bn ($0.07bn) in 2025 from the 2023 levels. For DIAL, S&P expects the new tariffs will be implemented in April 2025 for the 2024-2029 period which will help improve its cash flows. Both the airports have seen robust recovery in passenger traffic, which is expected to increase further by 8-10% per annum over the next few years.
GMR’s 4.75% 2026s traded stable at 97.3, yielding 6.42% while DIAL’s 6.125% 2026s was stable at 99.2, yielding 6.48%.
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