GMR Airports Assigned 'CARE AA-; Stable' & Upgraded to 'Crisil AA-; Stable' for Bonds
GMR Airports Limited's proposed Non-Convertible Bonds of up to ₹1,500 crore have received 'CARE AA-; Stable' and 'Crisil AA-; Stable' ratings. Existing bonds up to ₹5,900 crore have been upgraded by Crisil to 'Crisil AA-; Stable' from 'Crisil A+; Stable'.
The credit rating upgrade and assignment for new bonds are positive developments that can lead to better borrowing terms and investor confidence, impacting the company's financial flexibility.
The company has received positive credit ratings from two major agencies and an upgrade on its existing bonds, indicating improved financial health and creditworthiness.
GMR Airports Limited has announced that CARE Ratings Limited has assigned a rating of 'CARE AA-; Stable' and Crisil Ratings Limited has assigned a rating of 'Crisil AA-; Stable' for the proposed issuance of Non-Convertible Bonds amounting up to ₹1,500 crore. These bonds are intended for the refinancing of existing Non-Convertible Bonds of the company.
Furthermore, Crisil Ratings Limited has upgraded the ratings for the already issued Non-Convertible Bonds of the company, amounting up to ₹5,900 crore (with the rating originally assessed and now upgraded for NCDs of up to ₹6,000 crore). The upgraded rating is from 'Crisil A+; Stable' to 'Crisil AA-; Stable'.
Copies of the letters issued by CARE Ratings Limited and Crisil Ratings Limited are available on the company's website.
A plain-language summary of a public exchange filing by GMR AIRPORTS LIMITED. Read the original for the full detail.