International rating agencies Moody's (see press release dated 13 February 2024) and S&P (see press release dated 22 January 2024) have confirmed all assets of the Adani complexes issued by various Adani portfolios in the international market and raised their outlook to "stable". This ensures high credit quality and stable and profitable cash flow for all issuers of the Adani complex. Adani Portfolio has the largest number of investment (BBB-BAA3 and higher) rated issuance assets of any private company in India, equivalent to India's sovereign rating.
In addition, moody's (see press release dated 13 February 2024) said: "The group has completed a number of debt transactions, including refinancings as well as obtaining new loan financings, demonstrating its ability to continue to access debt capital at a reasonable cost. At the same time, several high-profile equity transactions by large institutions and strategic investors such as GQG and Qatar Investment Authority also demonstrate the Group's continued ability to enter the equity market.
The Supreme Court's decision to commission SEBI to complete its investigation into Adani Group, and the fact that the court found that SEBI had no significant regulatory failures, suppressed the potential tail risk in the downstream, despite the ongoing investigation by the Indian market regulator, the Exchange Commission of India (SEBI). ”
S&P (see press release dated 22 January 2024) noted: "We believe that the conclusions of most regulatory investigations into Adani Group have reduced downside risks as no evidence of misconduct has been found."
The ability to repay all originator loans raised by multiple Group entities in relation to share prices, bonds and bank loans at competitive interest rates reflects the resumption of the Group's access to financing. In our opinion, the rated entity, Adani Electricity Mumbai Ltd(AEML) and Adani Ports and Special Economic Zone Ltd(APSEZ) is in a good competitive position, with healthy cash flow and ample liquidity to meet its debt service requirements. ”
A summary of the rating upgrades is as follows
The S&P and Moody's rating actions now follow the same outlook reaffirmed by Fitch, a decision by Fitch as part of the review for calendar year 2023. At present, all international rating agencies maintain a "stable" outlook for all issuers of the Adani Group.
Detailed press releases from both agencies can be accessed at the links below.
moody’s -
s&p -
About the Adani Portfolio:
Headquartered in Ahmedabad, Adani Portfolio is India's largest and fastest-growing diversified conglomerate across logistics (seaports, airports, logistics, shipping and railways), resources, power generation and distribution, renewable energy, gas and infrastructure, agriculture (commodities, edible oils, food, refrigeration and granary), real estate, public transport infrastructure, consumer finance and defence. Adani attributes its success and leadership to its two core philosophies, "Nation Building" and "Healthy Growth", which are the guiding principles of its sustainable growth. Based on the principles of sustainability, diversity and shared values, the Group is committed to protecting the environment and improving communities through its corporate social responsibility programs.