Ratings agency Moody’s has revised the outlook on seven Adani Group companies to negative following the indictment of Adani Group Chairman Gautam Adani and several other group executives by the US SEC and a District Court.
These are the entities on which the ratings action has been taken:
- Adani Green Energy Ltd. Restricted Group (AGEL RG-1), which comprises of Adani Green Energy (UP) Ltd., Parampujya Solar Energy Pvt. Ltd., Prayatna Developers Pvt. Ltd. The Ba1 rating has been affirmed but outlook has been changed to negative from stable.
- Adani Green Energy Ltd. Restricted Group (AGEL RG-2), which comprises of Wardha Solar (Maharashtra) Pvt. Ltd., Kodangal Solar Parks Pvt. Ltd. and Adani Renewable Energy (Rj) Ltd. The Ba1 rating has been affirmed by the outlook has been changed to negative from stable.
- Adani Transmission Step-One Ltd. (ATSOL) where the Baa3 rating has been affirmed but outlook has been revised ton negative from stable.
- Adani Transmission Restricted Group 1 (AESL RG1) which comprises Barmer Power Transmission Service Ltd., Raipur-Rajnandgaon-Warora Transmission Ltd., Sipat Transmission Ltd., Thar Power Transmission Service Ltd., Hadoti Power Transmission Service Ltd., Chhattisgarh-WR Transmission Ltd., where the outlook has been revised to negative from stable with a Baa3 rating.
- Adani Electricity Mumbai Ltd. where the Baa3 rating was affirmed but outlook was revised to negative from stable.
- Adani Ports & SEZ, where the outlook was revised to negative from stable with a Baa3 rating and
- Adani International Container Terminal Pvt. Ltd. where the outlook was revised to negative from stable with a Baa3 rating.
The change in the outlook of the seven Adani Group companies, will likely weaken Adani Group’s access to funding and increase its capital costs, Moody’s wrote in its note.
