S&P turns GMR view to stable

S&P said it revised its outlook for GMR Hyderabad International Airport Ltd. to stable from negative and affirmed BB- ratings on the issuer and its senior secured notes.

“A rebound in passenger traffic will support a recovery in Ghial's financial performance. We believe passenger traffic volumes in India will recover strongly as omicron cases stabilize, and as restrictions ease for both travel and capacity on domestic airlines. Ghial's domestic passenger volume in March 2022 surpassed 1.4 million, rebounding strongly to 93% of that in the same period in 2019 and about 95% of that in 2020 (adjusted for the impact of the lockdown),” the agency said in a press release.

S&P said it estimates forecast the company's operational cash flow-to-debt ratio will recover to about 5.5% in fiscal 2024 and improve to about 8.0% over subsequent years.

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