Fitch affirms Delhi, Hyderabad airports' ratings at 'BB+' with negative outlook

The Negative Outlook reflects the ongoing uncertainty relating to the timing and duration of the traffic shock and recovery caused by the coronavirus pandemic, the rating agency said on Tuesday.

PTI

May 12, 2020 / 15:20 IST

Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) and bond issue ratings of GMR-led Delhi Airport and Hyderabad Airports at 'BB+' with a Negative Outlook.

The Negative Outlook reflects the ongoing uncertainty relating to the timing and duration of the traffic shock and recovery caused by the coronavirus pandemic, the rating agency said on Tuesday.

GMR Hyderabad International Airport Limited (GHIAL) and Delhi International Airport Limited (DIAL) operations are limited to cargo and evacuation flights under these circumstances.

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A prolonged pandemic and nationwide lockdown, and further deterioration in the economy, will reduce air passenger traffic and lead to lower aeronautical and non- aeronautical revenue than Fitch expects, it said.

COVID-19 Vaccine

Frequently Asked Questions

How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

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