Ind-Ra revises outlook on Navi Mumbai International Airport to 'negative'

India Ratings has revised outlook on Adani group entity Navi Mumbai International Airport’s Private Ltd’s term Loan from “Stable” to “Negative” reflecting deterioration in the credit profile of the sponsor Adani Enterprises Ltd (AEL) and delays observed in project progress. However, it affirmed “A” rating factoring in AEL and Adani group’s experience in developing and operating large infrastructure projects, a significant traffic growth potential in the Mumbai Metropolitan Region (MMR) and a stable regulatory regime of the sector. The affirmation also takes into account the group’s plan for operating Mumbai International Airports Ltd (MIAL) and NMIAPL in a complementary manner with a suitable debt structure.

 

Further, the ratings derive comfort from the sponsor’s commitment to support the project.