Post Hindenburg Research report -The ADANI Group affair –A Status Check

Entity

Rating Agency

Action taken / Not Taken

Adani Enterprises

S&P Dow Jones

REMOVED from Dow Jones Sustainability Indices

ADANI PORT

S&P

Outlook  NEGATIVE

ADANI ELECTRICITY

Adani Electricity Mumbai Ltd

CIN: U74999GJ2008PLC107256

S&P

Outlook NEGATIVE

Ratings of Adani group entities under continuous surveillance

CRISIL

S&P Indian subsidiary

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“What gets measured gets managed.”

Mild AFFIRMATIVE action to PROTECT INVESTORS.

 

Nothing in tangible terms

 

No near-term,  significant offshore bond maturities

·        earliest in June 2024 for Adani Ports and Special Economic Zone Limited (APSEZ, BBB-/Stable);

·        December 2024 for Adani Green Energy Limited Restricted Group 1 (AGEL RG1, BB+/Stable); and

·        2026 or beyond for all other entities- reducing refinancing risks and near-term liquidity risks.”

FITCH –

 

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Only an Expression of Opinion.

 

Investors wait for risk quantification

These adverse developments are likely to reduce the group’s ability to raise capital to fund committed capex or refinance maturing debt over the next 1-2 years. We recognise that a portion of the capex is deferrable, and the rated entities do not have significant maturing debt until FY2025.”

Moody’s

 

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“What gets measured gets managed.”

Only an Expression of Opinion.

 

Investors wait for risk quantification

 

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