The key factors that could impart IRFC’s ratings include:
- Significant reduction in Gol’s shareholding
- Material change in the structure of the annual lease agreements with the MoR, and
- Credit quality of other borrowers
Given its strategic role in channeling finance to the MoR, CRISIL expects IRFC to keep enjoying business support and the risk transfer mechanism from the Gol. This will ensure that it retains its strong credit profile.