Crisil Ratings confident of Adani Group's financial flexibility to weather US bribery storm
Crisil Ratings has maintained a positive outlook on the Adani Group, citing its financial flexibility and strength in the business, even as top executives, including Gautam Adani, face bribery charges in the US. This comes after a series of ratings downgrades by other agencies, such as Fitch and Moody's.
Earlier this month, the US Department of Justice and the US Securities and Exchange Commission (SEC) issued an indictment and a civil complaint in the US District Court against Gautam Adani, Sagar Adani, and other key functionaries of Adani Green Energy.
The charges relate to allegations of securities fraud, wire fraud, and violations of SEC guidelines that led to materially false and misleading statements in the bond offering documents of Adani Green, particularly regarding anti-bribery and anti-corruption policies.
However, Crisil is confident that the conglomerate has sufficient liquidity and operational cash flows to meet debt obligations and committed capex plans over the medium term.
Crisil stated that the US indictment developments have not led to any negative actions so far by lenders or investors, such as acceleration of debt repayment or spread resets.
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