Moody s assigns Ba3 to Cliffton s USD notes ANI | Updated: Mar 08, 2021 14:20 IST
The outlook on the rating is negative, it said on Monday.
Cliffton, a newly-formed special purpose vehicle for proposed transactions will use the proceeds to subscribe to Indian rupee senior secured non-convertible debentures (NCDs) to be issued by Delhi International Airport Ltd (DIAL).
DIAL in turn will use the proceeds of NCDs to fund its planned capital spending (up to USD165 million) and to refinance its USD288 million bond maturing in February 2022. DIAL will not have any ownership interest in or control over Cliffton.
Cliffton s USD noteholders will benefit from a first-ranking charge over its accounts and swap arrangements as well as a pledge over all of Cliffton s shares, but not the INR NCD issued by DIAL which will be held by an onshore custodian.