its 'AAA' rating on Airports Authority of India's (AAI) 30-bln-rupee long-term
borrowing programme with a stable outlook, saying the programme continues to
reflect the authority's robust financial risk profile and dominant market position.
Crisil, a division of Standard & Poor's, said the rating also factors in AAI's strategic importance to the government of India and the expected strong growth in the authority' revenues, driven by buoyant growth in air traffic.
It also said any change in the Indian government's civil aviation policy that leads to a dilution in AAIs strategic importance to the government could result in a revision in outlook to negative.
The rating strengths are partially offset by AAI's revenue concentration risk arising from a limited number of profitable airports, the ratings agency added.
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