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Moody’s Upgrades DIAL to Ba3
May 14, 2025
Delhi International Airport Limited (DIAL) was upgraded to Ba3 from B1, by Moody’s, with a positive outlook. This comes after Fitch and S&P recently upgraded DIAL to BB+ and BB respectively. The rating action comes on the back of strong cash flows, recent capacity expansion and expected reduction in capital spending over the next 2-3 years. Higher aeronautical revenues have also improved DIAL’s operating cash flow. Besides, passenger traffic is said to increase by 6-7% over the next 12 months, led by the rise in international passengers, as per Moody’s. They added that the recent tariff war is not expected to impact DIAL’s operations, says Moody’s. The positive rating outlook promises a possibility of improvement beyond Ba3. However, Moody’s cite that prolonged airport and airspace closure might harm DIAL’s credit profile.
Its 6.45% 2029s were trading stable at 101.136, yielding 6.13%.
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