Moody’s upgrades outlook of four Adani Group cos to 'Stable' from 'Negative'
Moody’s Investors Service on Tuesday upgraded the outlook on four Adani Group companies to stable from negative, while maintaining the stable outlook on four others.
The four companies which have seen their rating outlook changed to stable from negative are Adani Green Energy Limited, Adani Green Energy Restricted Group 1, Adani Transmission Step-One Limited and Adani Electricity Mumbai Limited.
The Adani Green Energy Restricted Group 1 comprises Adani Green Energy (UP) Limited, Parampujya Solar Energy Private Limited and Prayatna Developers Private Limited.
In February 2023, Moody’s had revised the outlook on four Adani Group companies to negative due to concerns over access to capital and increase in capital costs following the release of the Hindenburg Group which flagged concerns over the Indian group’s governance practices. Stock prices of Adani Group companies had plummeted following the report.
“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,” Moody’s said on Tuesday.
The Adani Group had also displayed its continued access to equity markets through several high-profile equity transactions by large institutional and strategic investors such as GQG and Qatar Investment Authority, Moody’s said.
“Whilst an investigation by Securities and Exchange Board of India – India's securities market regulator — is still ongoing, the Supreme Court's
