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 QUANTIFY the RISK Give us the score with the metric.
“What gets measured gets managed.” | Mild AFFIRMATIVE action to PROTECT INVESTORS.
Nothing in tangible terms
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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 –
QUANTIFY the RISK Give us the score with the metric.
“What gets measured gets managed.” | 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
QUANTIFY the RISK Give us the score with the metric.
“What gets measured gets managed.” | Only an Expression of Opinion.
Investors wait for risk quantification |
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