Bank loan facilities of MIAL project improves
The statement issued by the company informs that Mumbai International Airport Private Ltd s (MAIL) project bank loan facilities has been upgraded to ‘IND A-’ from ‘IND BBB+
As per the report, the rated banks loans are INR42.31bn long-term loans, INR2.5bn fund-based limits (increased from INR1bn) and INR4.15bn non-fund-based limits (increased from INR3.55bn).
The rating agency has also assigned an ‘IND A1 (exp)’ rating to MIAL’s proposed INR1bn commercial paper issuance which is to cutout from the INR2.5bn fund-based limits.
The improvement of MIAL’s bank loan rating shows higher-than-expected traffic growth in both domestic and international passenger segments and the development of new integrated terminal T2. Another reason of the improvement of the Rating is the selling of the land and the amount collected from its sale will helps to pay loan.
A press release also concluded that improvement in rating shows the fact that the airport’s annualized FY14 gross revenue is estimated to be little better than projected. The estimated 47 percent gross revenue increase is due to the increase in aero-revenue by 125 percent. The increase in the revenue is due to rise in the basic tariff of more than 154.89 percent in January 2013 and the total effect of this is seen in FY14.
Source: The Times of India
Bank, Bank loan facilities for Mumbai International Airport Private Ltd s, Bank loan rating, Domestic passenger, International passenger, Land, loan facilities for MIAL, MIAL, Mumbai, Mumbai International Airport, Mumbai International Airport Private Ltd, Rating agency, Traffic
