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Fitch Ratings has placed some Adani Group companies and securities issued by them on rating watch negative and revised the outlook on some to negative from stable.
It has put Adani Ports and Special Economic Zone’s long-term foreign-currency IDR of ‘BBB-’ and the ‘BBB-’ rating on its US dollar senior unsecured bonds on rating watch negative as also the the ‘BB+’ rating on North Queensland Export Terminal Pty’’s Australian dollar senior secured bonds, and the ‘BB+’ rating on Mumbai International Airport’s US dollar senior secured bonds.
The rating on the following has been affirmed, but the outlook has been revised to negative from stable. The ‘BBB-’ rating on Adani International Container Terminal’s US dollar senior secured bonds; the ‘BBB-’ rating on Adani Green Energy’s Restricted Group 1’s US dollar senior secured bonds; the ‘BBB-’ rating on Adani Green Energy Restricted Group 2’s US dollar senior secured bonds; and the ‘BBB-’ rating on Adani Energy Solutions Restricted Group’s US dollar senior secured bonds.
Fitch said the rating actions follow the bribery charges and indictment of certain Adani Green Energy board members by the US Securities and Exchange Commission and Department of Justice.
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