International Rating Agencies Affirm Rating With Upgraded “Stable” Outlook for Various Adani Portfolio Companies

International Rating agencies Moody’s (vide press release dated 13^th February 2024) and S&P (vide press release dated 22^nd January 2024) have affirmed and upgraded the outlook to “stable” for all the issuances for Adani complex issued in the international market by various Adani Portfolio companies.

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 India and equivalent to India’s sovereign rating.

Additionally, Moody’s vide its press release dated 13^th February 2024 stated that “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. At the same time, 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.

“[W]hilst an investigation by Securities and Exchange Board of India (SEBI) – India's securities market regulator - is still ongoing, the Supreme Court's decision to entrust SEBI to complete the investigation on the Adani Group and the court's view that there is no apparent regulatory failure attributable to SEBI have curbed the potential tail risk in a downside scenario.”

And S&P vide its press release dated 22^nd January 2024 noted that “We believe the conclusion of most regulatory investigations into the Adani Group without evidence of wrongdoing has reduced downside risk.

“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 Adani Electricity Mumbai Ltd. (AEML) and Adani Ports and Special Economic Zone Ltd. (APSEZ) enjoy good competitive positions, healthy cash flows, and adequate liquidity to meet their debt-servicing requirements.”

A summary of the rating upgrades is as detailed below -

Issuer Name	Rating Agency	Summary of Rating Action
		Rating	Outlook
Adani Ports and SEZ Limited	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’
Adani International Container Terminal Private Limited	S&P	Maintained at BBB-	Maintained at ‘Stable’
	Moody’s	Reaffirmed at Baa3	Reaffirmed at ‘Stable’
	Fitch	Maintained at BBB-	Maintained at ‘Stable’
Adani Electricity Mumbai Limited (subsidiary of AESL)	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’
Adani Transmission Step One Limited (subsidiary of AESL)	Moody’s	Reaffirmed at Baa3	Upgraded to ‘Stable’ from ‘Negative’
	Fitch	Maintained at BBB-	Maintained at ‘Stable’
Adani Energy Solutions Limited Restricted Group 1 – AESL RG1	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: Adani Energy Solutions Limited)

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.

Moody’s - https://www.moodys.com/research/Moodys-takes-rating-actions-on-8-Adani-Group-entities-Rating-Action--PR_485736

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 India with interests in logistics (seaports, airports, shipping and rail), resources, power generation and distribution, renewable energy, gas and infrastructure, agro (commodities, edible oil, food products, cold storage and grain silos), real estate, public transport infrastructure, consumer finance, defence, and other sectors. Adani owes its success and leadership position to its core philosophy of ‘Nation Building’ and ‘Growth with Goodness’, a guiding principle for sustainable growth. The Portfolio is committed to protecting the environment and improving communities through its CSR programmes based on the principles of sustainability, diversity, and shared values.

Further information at www.adani.com.

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Contact information

For media queries, contact Roy Paul: roy.paul@adani.com