Delhi Airport Downgraded to BB- by Fitch
In another blow to India’s largest international airport, Fitch Ratings downgraded Delhi International Airport Limited (DIAL) to BB- from BB with a negative outlook. The rating agency downgraded the airport’s Long-Term Issuer Default Rating (IDR), the...
DIAL Downgraded to B1 by Moody’s
Delhi International Airport Ltd. (DIAL) was downgraded by Moody’s to B1 from Ba3. Moody’s also downgraded DIAL’s Baseline Credit Assessment (BCA) to b1 from ba3 and Cliffton Ltd.’s senior secured bond rating to B1 from Ba3. The outlook is negative. The...
DIAL Pays Up for Orphan-SPV Structure $450mn 4.6Y Bond at 6.25%
Cliffton/Delhi International Airport raised $450mn via a 4Y7M green bond at a yield of 6.25%, 25bp inside initial guidance of 6.5% area. The secured bonds have expected ratings of Ba3/BB, and received orders over $1.28bn, 2.8x issue size. Asia took 36% of the bonds,...
