Credit Rating Upgrade
GMR Airports Credit Rating Upgraded to CARE A+; Positive for Non-Convertible Bonds and Long-Term Bank Facilities
NSE
GMRAIRPORT
BSE
532754
GMR Airports Limited has received rating upgrades from CARE Ratings for its Non-Convertible Bonds (NCDs), long-term bank facilities and short-term bank facilities. The company’s NCDs have been upgraded to CARE A+; Positive, reflecting an improved credit profile.
PRICE-SENSITIVE TRIGGER
Event: CARE Ratings upgraded the credit ratings assigned to GMR Airports Limited’s debt instruments and banking facilities.
Type: Credit Rating Upgrade
Impact: Positive
Immediate Effect: The upgrade strengthens the company’s credit profile, potentially improving borrowing terms, refinancing flexibility and investor confidence in its debt instruments.
Key Metrics:
Key Metrics:
- Non-Convertible Bonds (NCDs): Upgraded from CARE A; Stable to CARE A+; Positive
- NCD Issue Size: Up to ₹1,500 crore
- Long-Term Bank Facilities: Upgraded from CARE A; Stable to CARE A+; Positive
- Short-Term Bank Facilities: Upgraded from CARE A1 to CARE A1+
- Credit Rating Agency:Â CARE Ratings Limited
- Rating Action Date:Â July 9, 2026
Highlight:
- CARE Ratings upgraded GMR Airports’ NCD rating to CARE A+; Positive, indicating improved creditworthiness and a positive outlook.
What Happened ?
GMR Airports Limited informed the stock exchanges that CARE Ratings Limited has upgraded multiple credit ratings assigned to the company.
The rating upgrades cover the company’s Non-Convertible Bonds, long-term bank facilities and short-term bank facilities. The company also submitted the annual review details of the ratings assigned to its listed Non-Convertible Bonds in compliance with SEBI regulations.
key details
Credit Rating Upgrade:
- Non-Convertible Bonds worth up to ₹1,500 crore upgraded to CARE A+; Positive.
- Long-term bank facilities upgraded to CARE A+; Positive.
- Short-term bank facilities upgraded to CARE A1+.
- The upgrades were assigned by CARE Ratings Limited.
Annual Review of NCD Ratings:
As part of the annual review under SEBI regulations:
- Both listed NCD ISINs continue to carry CARE A+ ratings.
- Outlook has been revised to Positive.
- Rating action has been classified as an Upgrade.
- CARE Ratings verified the ratings on July 9, 2026.
Regulatory Compliance:
- The disclosure has been made under Regulations 30, 51 and 55 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- The detailed annual review of credit ratings assigned to the company’s listed Non-Convertible Bonds has been submitted along with the filing.
Note:
- The detailed rating letter issued by CARE Ratings Limited has been made available on the company’s website.
Risk Analysis
Summary:
- The rating upgrade reflects improved credit quality; however, future ratings will continue to depend on the company’s financial performance, leverage profile, cash flows and execution of its business plans.
Key Risks:
- Credit ratings remain subject to periodic review by CARE Ratings.
- Any deterioration in operating performance or leverage could affect future ratings.
- Changes in the macroeconomic environment or financing conditions may impact borrowing costs.
- Infrastructure projects remain exposed to execution and funding risks.
Worst Case:
- Any weakening in the company’s financial profile could result in future rating downgrades, increasing financing costs and reducing borrowing flexibility.
Risk Level: Low
Company Commentary
- CARE Ratings has upgraded the company’s Non-Convertible Bond rating from CARE A; Stable to CARE A+; Positive.
- Long-term bank facilities have also been upgraded to CARE A+; Positive.
- Short-term bank facilities have been upgraded from CARE A1 to CARE A1+.
- The company has submitted the required annual review disclosures for its listed Non-Convertible Bonds under applicable SEBI regulations.
Official Exchange Filing: GMR Airports Limited
