Moody's Ratings has recently upgraded the credit rating of three key Adani portfolio entities in Adani Ports & Special Economic Zone (APSEZ), Adani Transmission Step-One Limited (ATSOL) and Adani Electricity Mumbai Limited (AEML). The credit rating of these three companies has been upgraded from 'negative' to 'stable', with the group citing improved liquidity and robust financial profiles while reaffirming Baa3 ratings.
Moody's, in a statement on Thursday, noted that Adani Ports is expected to maintain solid access to liquidity, adding that the company's credit profile is consistent with its current rating over the next 12 to 18 months.
The firm highlighted that the company's robust financial standing is backed by the discretionary nature of its planned capital spending. This flexibility allows the company to adjust growth-related expenditure based on funding access as well as market conditions.
ATSOL, on the other hand, is rated on the basis of its parent company, Adani Energy Solutions Ltd., while AEML is projected to maintain investment-grade credit profiles. The firm also expects both entities to retain sufficient liquidity to support its operations and debt obligations through the upcoming 18-month window.
The credit rating upgrades mark yet another significant step for Adani Group and come directly on the back of Moody's upgrading the credit rating for three companies in December, in the form of Adani Green, Adani Energy RGs, and AICTPL.
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