Moody's lowers GMR Hyderabad to negative

Moody's Investors Service said it revised the outlook on GMR Hyderabad International Airport Ltd.'s corporate family rating to negative from stable.

Moody's also said it affirmed the company's Ba1 corporate family rating.

The outlook revision reflects the likely deterioration in the company's financial metrics over the next 18 months under the base case scenario as the company incurs additional debt during fiscal year ending March 2020, the agency said.

The company plans to fund the balance of the capital spending with operating cash flow, Moody's said.

The airport's financial profile over the expansion period also will be affected by any unexpected volatility in its operations during the construction phase, the agency said.

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