Moody’s Revises Outlook For Four Adani Companies To ‘Stable’ From ‘Negative’

Moody's Revises Outlook For Four Adani Companies To 'Stable' From 'Negative'

Moody’s Investors Service has affirmed the ratings of eight Adani Group companies on Tuesday.

The global rating agency changed the outlook for four companies to ‘stable’ from ‘negative’, and maintained a ‘stable’ outlook on four other companies, according to a statement by Moody’s on Tuesday.

It has 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’, the statement said.

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 outlook was maintained at ‘stable’.

In February 2023, Moody’s revised the outlook on four rated Adani Group companies to ‘negative’, reflecting concerns over their access to capital and a potential increase in capital costs.

Over the past year, 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.

“Several high profile equity transactions by large institutional and strategic investors, such as GQG and Qatar Investment Authority, also demonstrated the Group’s continued equity market access,” it said.

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