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Adani Group firm removed from ‘under observation’ by US rating agency: Report


The Adani Green has been removed from under-criteria observation by American credit rating agency S&P Global. The business conglomerate, which has suffered massive losses since the publication of Hindenburg report, has got its rating on Adani Green Energy affirmed at BB+ with a ‘stable outlook’, Livemint reported. The company’s restricted group 2 includes Wardha Solar,Adani Renweable Energy and Kodangal Solar Park. The group happen to be the co-issuers as well as co-guarantors of the Adani Group firm’s $362.5 million in green bonds. These bonds have a maturity period of 20 years and a weighted average life of 13.47 years. According to report, the S&P Global said that the restricted group 2 debt is fully secured with cash flow waterfalls which have prioritised operating expenditure and debt service. The rating agency also believes that the structure protects investors. It believes that Adani Green Energy Limited’s RG 2 is not affected by governance risks as well as fund challenges for the Adani Group.

This comes a day after Fitch Ratings affirmed Adani Transmission’s restricted group’s notes at ‘BBB’ with a stable outlook.

“Fitch Ratings has affirmed the ‘BBB-‘ ratings on the USD 400 million senior secured notes issued by the restricted group of India-based Adani Transmission Limited (ATL, BBB-/Stable). The Outlook is Stable,” it said in a statement on Thursday.

On Wednesday, Adani Power announced its decision to call off its plan to acquire a coal plant project in Chhattisgarh.

“We wish to inform that the long stop date under the memorandum of understanding dated August 18, 2022, has expired,” Adani Power said in an exchange filing on Wednesday.

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