Moody's affirms Baa3 rating on three Adani Energy Solutions units

Mumbai: Moody's Ratings has affirmed Baa3 credit ratings for three entities under the Adani Energy Solutions Ltd (AESL) Group, while maintaining a negative outlook due to ongoing governance risks linked to legal proceedings involving senior Adani Group executives.

The affected entities include: Adani Transmission Step-One Ltd (ATSOL); Adani Transmission Restricted Group 1 (AESL RG1), which includes six transmission project companies; Adani Electricity Mumbai Ltd (AEML) , the rating agency said in a statement.

The ratings affirmed at Baa3, indicating investment-grade credit, but remain under a negative outlook due to governance-related uncertainties. The ongoing indictment of Adani Group chairman and two executives in the US for securities and wire fraud continues to cast a shadow. No material operational disruption reported in FY25, and entities have retained access to liquidity and funding.