Press Release February 17, 2025 KANNUR INTERNATIONAL AIRPORT LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	892.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	892.00	-	-

Rating Rationale

­Acuite has withdrawn its long-term rating on the Rs. 892.00 Cr. bank facilities of Kannur International Airport Limited without assigning any rating as the instruments are fully repaid. The rating withdrawal is in accordance with Acuite’s policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the Company and No Dues Certificate received from the banker.

About the Company

­­Kannur International Airport Limited (KIAL) was incorporated as a private limited company on December 3, 2009, and was later converted to a public limited company in August 2020, and commercial operations began in December 2018. The company was established with objective of building, financing, constructing, operating, and managing an international airport in Kannur, Kerala. The project is proposed by the Kerala Government (GoK), which holds a 39.23% stake in the company. The company's chairman is Kerala's Chief Minister (CM).

Unsupported Rating

­Not Applicable

Analytical Approach

­Not Applicable

Key Rating Drivers

Strengths

­Not Applicable

Weaknesses

­Not Applicable

Rating Sensitivities

­Not Applicable

Liquidity Position

­Not Applicable

Outlook: Not Applicable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	99.36	113.34
PAT	Rs. Cr.	(168.56)	(126.27)
PAT Margin	(%)	(169.64)	(111.41)
Total Debt/Tangible Net Worth	Times	1.97	1.43
PBDIT/Interest	Times	0.11	0.28

Status of non-cooperation with previous CRA (if applicable)

­Not Applicable

Any other information

­None

Applicable Criteria

• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 02 Sep 2024 Term Loan Long Term 90.00 ACUITE C (Reaffirmed) Term Loan Long Term 692.00 ACUITE D (Downgraded from ACUITE C) Term Loan Long Term 110.00 ACUITE D (Reaffirmed) 21 Feb 2024 Term Loan Long Term 692.00 ACUITE C (Downgraded from ACUITE B+) Term Loan Long Term 90.00 ACUITE C (Downgraded from ACUITE B+) Term Loan Long Term 110.00 ACUITE D (Downgraded from ACUITE B+) 11 Aug 2023 Term Loan Long Term 692.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 110.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 90.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*) 09 Jun 2022 Term Loan Long Term 692.00 ACUITE B+ | Stable (Reaffirmed) Term Loan Long Term 110.00 ACUITE B+ | Stable (Reaffirmed) Term Loan Long Term 90.00 ACUITE B+ | Stable (Reaffirmed)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Canara Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Dec 2033 692.00 Simple Not Applicable|Withdrawn South Indian Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Dec 2033 110.00 Simple Not Applicable|Withdrawn Federal Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Dec 2033 90.00 Simple Not Applicable|Withdrawn

Contacts

Mohit Jain Senior Vice President - Rating Operations Kirti Berlia Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.