Credit ratings agency Moody's has upgraded the outlook for Adani Green Energy Ltd. (AGEL)'s Restricted Group to "stable", and a similar action has been issued for Adani Energy Solutions Limited (AESL) – US Private Placement (USPP) Restricted Group 1 (RG1).
As per the details shared by Moody's, AGEL RG1 and RG2 have been upgraded to to "Ba1/ Stable" from Ba1/ Negative. Similarly, AESL RG1 (USPP) has been upgraded to "Baa3/ STABLE" from Baa3/ Negative.
Notably, RGs refers to specific pools of renewable energy assets within AGEL ring-fenced for financing, and are crucial for issuing bonds and attracting investments.
Moody's has noted that Adani Green RGs' operational performance, fully amortising debt structures with no external funding requirements and ring fenced project structures will help insulate them from the ongoing legal proceedings.
Also, the ratings agency added that the AESL USPP group is expected to continue to maintain a credit profile supportive of its current rating over next 12-18 months, with stable operational and financial performance, the ring fenced structure as well as fully amortising debt structure.
AICTPL Gets Upgrade
Moody's has raised its outlook for Adani International Container Terminal Private Limited (AICTPL) to "Baa3/ Stable" from Baa3/ Negative. The company, notably, is a joint venture between Adani Ports & SEZ Ltd. (APSEZ) and Terminal Investment Limited (TiL), an arm of Mediterranean Shipping Company (MSC), one of the world's top container shipping lines.
According to Moody's, AICTPL's fully amortising debt, presence of TiL, certain rights under its sub-concession with APSEZ as well as its material contribution to container throughput at Mundra Port will help insulate them from the ongoing legal proceedings.
Over the past year, there have been several upgrades issued for Adani Group's entities and assets. "These improvements are the result of our continuous engagement, clear and transparent dialogue, behind-the-scenes information sharing with rating agencies, and diligent efforts to present a positive and clear perspective," according to the Adani group.
Around 100% of total portfolio EBITDA has either been reaffirmed for the rating levels or have been upgraded from the earlier rating levels. The affirmations and upgradations in the ratings have been across the issuers by international rating agencies, it added.
The 2024 Fallout
Notably, in the immediate aftermath of the "unfortunate indictments" of company officials in November 2024, rating agencies moved swiftly to revise their outlooks downward, citing governance concerns.
S&P Global (Nov 21, 2024): Placed ratings for APSEZ, AEML, and AGEL RG2 on Negative Outlook. However, ratings for NQXT and AICTPL were maintained as Stable.
Fitch (Nov 25, 2024): Placed several entities, including APSEZ, NQXT, MIAL, ATSOL, and AEML, on Rating Watch Negative (RWN). Others, such as AGEL RG1 and RG2, were shifted to a Negative Outlook.
Moody's (Nov 26, 2024): The agency placed a broad spectrum of entities—including AGEL RG1 & RG2, ATSOL, AEML, and APSEZ—on Negative Outlook.
Rating Upgrades In 2025
Throughout 2025, the group witnessed a steady reversal of these negative actions, driven by credit resilience and transparent communication.
March 2025: Fitch Leads Stabilisation
In a wave of actions in March, Fitch Ratings removed the 'Rating Watch Negative' and 'Negative' outlooks for multiple issuers:
Outlook to Stable: Restored for AGEL RG1, AGEL RG2, AESL USPP RG1, AICTPL, and NQXT.
Outlook Improvements: AEML was upgraded to a Stable outlook, while APSEZ and MIAL saw their statuses adjusted from RWN to Negative, setting the stage for further improvements.
Mid-Year Upgrades: MIAL and S&P Actions
The recovery gained momentum in the second and third quarters:
Rating Upgrade: On June 18, 2025, Fitch upgraded Mumbai International Airport Limited (MIAL) by one notch to BBB-/Stable (Investment Grade), up from BB+/Positive. This followed an outlook revision to Positive earlier in May.
S&P Revisions (August 2025): S&P revised outlooks to Stable for AGEL RG2 and AEML. Notably, APSEZ was upgraded to a Positive Outlook on August 4, 2025.
Year-End Consolidation
By late 2025, confidence had largely returned across the board:
Fitch (November 2025): Upgraded the outlooks for AESL and APSEZ to Stable.
Moody's (December 8, 2025): In the latest action today, Moody's restored the outlook to Stable for AGEL RG1, AGEL RG2, AESL USPP RG1, and AICTPL, moving them out of the Negative outlook assigned a year prior.
New Ratings Assigned
In addition to the recovery of existing ratings, the group secured new ratings from CareEdge Global in the latter half of 2025:
MIAL: Assigned BBB+/Stable (August 13, 2025).
AEML: Assigned BBB+/Stable (September 23, 2025).
Following the favourable rating actions, the group reiterated its commitment to governance and engagement. "We will continue to have clear, positive and transparent communication going forward as well and hope to achieve further positive outcomes," the company stated.
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