 "Delhi airport on global top 5 and first among Asian on social media")
Fitch Ratings has downgraded Delhi International Airport Ltd's (DIAL) Long-Term Issuer Default Rating (IDR) from "BB+" to "BB" on the sharp drop in volume in 2020 due to significant travel restrictions to curb the spread of the Coronavirus (Covid-19).
Fitch expects the recovery in traffic volumes to be prolonged. Weaker earnings and moderately flexible capex payments have resulted in DIAL's projected average Fitch-adjusted net debt/EBITDAR increasing to 10.0x. DIAL is part of GMR group which is into infrastructure sector.
The agency also downgraded the ratings on senior unsecured notes of company to 'BB' from 'BB+'. The outlook is 'negative'.
Although the
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