Fitch rates Mumbai International Airport’s proposed USD Bonds

Fitch Ratings has assigned Mumbai International Airport Limited’s (MIAL) proposed US dollar bonds an expected rating of ‘BB+(EXP)’. The Outlook is Stable. The bond proceeds will be used to repay the bridge loan facility at MIAL, and for capex. The final rating on the proposed bonds is contingent upon the receipt of final documents conforming to information already received. The rating reflects Mumbai’s strong passenger growth potential in the medium-to-long term, MIAL’s regulated asset base, higher contribution of domestic traffic than international traffic and adequate financial profile. The rating case assumes a full recovery of traffic to pre- pandemic levels