International issuances by various Adani Group companies have been affirmed and upgraded to 'stable' by Moody's and S&P Global. This assures high credit quality and predictable cashflows, it said.
The ratings actions came on the back of robust financial performances, access to capital and no tail risk possessing any downside scenario, the apples-to-airport conglomerate said on Thursday.
Moody's, in its rating action on Tuesday, changed the outlook for Adani Green Energy Ltd., Adani Green Energy Restricted Group 1, Adani Transmission Step-On Ltd. and Adani Electricity Mumbai Ltd. to 'stable' from 'negative'.
For Adani Energy Solutions Ltd. Restricted Group 1, Adani Ports and Special Economic Zone Ltd., Adani International Container Terminal Pvt. and Adani Green Energy Restricted Group 2, the agency maintained a 'stable' outlook.
"The group has completed a number of debt transactions, including refinancing as well as obtaining new loan facilities, demonstrating its continued access to debt capital at a reasonable cost," Moody's said in a statement.
Investments by GQG Partners and Qatar Investment Authority exhibits the group's continued equity market access, the agency said. The Supreme Court trusting the investigation by Securities and Exchange Board of India has "curbed the potential tail risk in a downside scenario".
In January, S&P Global upgraded the outlook on Adani Ports and Special Economic Zone Ltd. and Adani Electricity Mumbai Ltd. to 'stable' from 'negative'.
"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," S&P Global had said
The two entities—APSEZ and AEML—enjoy good competitive positions, healthy cash flows, and adequate liquidity to meet their debt-servicing requirements, the agency had said.
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