Moody’s investors Service on Tuesday, February 13, changed the outlook on four companies of the Adani Group to stable from negative. The global ratings agency has affirmed the stable outlook on four other Adani Group companies.
The outlook has been revised to stable from negative for Adani Green Energy, Adani Green Energy Restricted Group (AGEL - RG-1), Adani Transmission Step One and Adani Electricity Mumbai, as per Moody’s statement.
The rating agency affirmed its stable outlook on Adani Ports and SEZ, Adani International Container Terminal Pvt Ltd, Adani Green Energy Restricted Group (AGEL RG-2), and Adani Energy Solutions Limited Restricted Group 1 (AESL RG1).
In February 2023, Moody's revised the outlook on four companies to negative, reflecting concerns over their access to capital and a potential increase in capital costs following the release of the Hindenburg report, which led to significant and rapid declines in the market value of the Adani Group companies securities.
In the ensuing period, 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, as per the Moody’s release.
