International Rating Agencies Affirm Rating With Upgraded “Stable” Outlook for Various Adani Portfolio Companies
Editor Synopsis
- Moody’s and S&P have reaffirmed the ratings for all issuers within Adani complex. This reflects rating affirmation of eight (8) issuers and restoration of stable outlook of five (5) entities by both rating agencies.
- Fitch has maintained the ratings of all issuers within Adani complex with stable outlook.
- This follows successful demonstration of robust performances quarter on quarter, access to capital at market see through prices and no tail risk possessing any downside scenario
This assures high credit quality with stable and predictable cashflows across all issuers of Adani complex. Adani Portfolio has the largest number of Investment Grade (BBB-/Baa3 and higher) rated issuances out of private companies in
Additionally, Moody’s vide its press release dated 13th
“[W]hilst an investigation by
And S&P vide its press release dated 22nd
“Repayment of all promoter loans linked to share prices, equity, and bank loans raised by multiple group entities at competitive rates reflects restored access to funding. In our view, rated entities
A summary of the rating upgrades is as detailed below -
Issuer |
Rating Agency |
Summary of Rating Action |
|
Rating |
Outlook |
||
Adani Ports and |
S&P |
Reaffirmed at BBB- |
Upgraded to ‘Stable’ from ‘Negative’ |
Moody’s |
Reaffirmed at Baa3 |
Reaffirmed at ‘Stable’ |
|
Fitch |
Maintained at BBB- |
Maintained at ‘Stable’ |
|
|
S&P |
Maintained at BBB- |
Maintained at ‘Stable’ |
Moody’s |
Reaffirmed at Baa3 |
Reaffirmed at ‘Stable’ |
|
Fitch |
Maintained at BBB- |
Maintained at ‘Stable’ |
|
|
S&P |
Reaffirmed at BBB- |
Upgraded to ‘Stable’ from ‘Negative’ |
Moody’s |
Reaffirmed at Baa3 |
Upgraded to ‘Stable’ from ‘Negative’ |
|
Fitch |
Maintained at BBB- |
Maintained at ‘Stable’ |
|
|
Moody’s |
Reaffirmed at Baa3 |
Upgraded to ‘Stable’ from ‘Negative’ |
Fitch |
Maintained at BBB- |
Maintained at ‘Stable’ |
|
|
Moody’s |
Reaffirmed at Baa3 |
Reaffirmed at ‘Stable’ |
Fitch |
Maintained at BBB- |
Maintained at ‘Stable’ |
|
Adani Green Energy Limited |
Moody’s |
Reaffirmed at Ba3 |
Upgraded to ‘Stable’ from ‘Negative’ |
Adani Green Energy Limited – RG1 |
S&P |
Maintained at BB- |
Maintained at ‘Stable’ |
Moody’s |
Reaffirmed at Ba2 |
Upgraded to ‘Stable’ from ‘Negative’ |
|
Fitch |
Maintained at BB+ |
Maintained at ‘Stable’ |
|
Adani Green Energy Limited – RG2 |
S&P |
Maintained at BB+ |
Maintained at ‘Stable’ |
Moody’s |
Reaffirmed at Ba1 |
Reaffirmed at ‘Stable’ |
|
Fitch |
Maintained at BBB- |
Maintained at ‘Stable’ |
|
(AESL: |
The rating actions by both S&P and Moody’s now follows the same outlook that Fitch had reaffirmed as part of their review confirmed in CY2023 and all the international rating agencies now reflects the “Stable” outlook for all issuers within Adani universe.
Detailed press release of both agencies can be accessed through the following links.
S&P - https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3114891
About Adani Portfolio
Headquartered in Ahmedabad, the Adani Portfolio is the largest and fastest-growing portfolio of diversified businesses in
Further information at www.adani.com.
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Source: Adani Group