 "MIAL")
India Ratings (Ind-Ra) has cut rating for GVK group backed Mumbai International Airport Private Ltd’s (MIAL’s) term loans from "AA-" to "A+" on erosion in built-up liquidity caused by factors like delays in real estate monetisation.
The rating action also reflects higher than estimated capital expenditure and higher-than-projected equity injections in Navi Mumbai International Airport Private Limited (NMIAL). MIAL is promoter of upcoming New Mumbai international airport.
Ratings have been placed under "watch with negative" (RWN) implications. MIAL was yet to respond to queries sent by Business Standard.
India Ratings in a statement said the delay in refinancing a portion
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