GMR Airports Limited has announced credit ratings for its proposed Non-Convertible Bonds issuance of up to INR 1,500 crore. CARE Ratings Limited assigned a rating of ‘CARE AA-; Stable’, while CRISIL Ratings Limited assigned ‘CRISIL AA-; Stable’. Additionally, CRISIL upgraded existing Non-Convertible Bonds from ‘Crisil A+; Stable’ to ‘Crisil AA-; Stable’.
Credit Ratings for Bond Issuance Announced
GMR Airports Limited (formerly GMR Airports Infrastructure Limited) has received credit ratings for its proposed issuance of Non-Convertible Bonds. The company plans to raise up to INR 1,500 crores through these bonds, primarily for refinancing existing Non-Convertible Bonds.
Assigned Ratings
CARE Ratings Limited, a credit rating agency, has assigned its ratings as ‘CARE AA-; Stable’ for the proposed bond issuance. Concurrently, CRISIL Ratings Limited has also assigned its ratings as ‘CRISIL AA-; Stable’.
Upgrade for Existing Bonds
Further strengthening its credit profile, CRISIL Ratings Limited has upgraded the ratings for the Non-Convertible Bonds already issued by GMR Airports Limited. These existing bonds, previously rated ‘Crisil A+; Stable’, have now been upgraded to ‘Crisil AA-; Stable’. This upgrade applies to bonds amounting up to INR 5,900 crores, with the rating now assessed and upgraded for a total of up to INR 6,000 crore worth of NCDs.
Copies of the letters from CARE Ratings Limited and CRISIL Ratings Limited are available on the company’s website.
Source: BSE
