Moody's upgrades outlook for three key Adani Group firms

Moody's Ratings has upgraded the outlook for three key Adani Group entities - Adani Ports & Special Economic Zone (APSEZ), Adani Transmission Step-One Ltd (ATSOL) and Adani Electricity Mumbai Ltd (AEML) - from 'negative' to 'stable'.

The credit rating agency cited improved liquidity and robust financial profiles for the upgrade, and reaffirmed the three companies' Baa3 ratings.

In a statement, Moody's said Adani Ports is expected to maintain solid access to liquidity, adding that the company's credit profile is consistent with its current rating over the next 12 to 18 months.


It noted that the company's financial standing is backed by the discretionary nature of its planned capital spending. This flexibility allows the company to adjust growth-related expenditure based on funding access as well as market conditions, the agency said.

ATSOL has been rated on the basis of its parent company, Adani Energy Solutions, while AEML is projected to maintain investment-grade credit profiles.

Moody's expects both entities to retain sufficient liquidity to support their operations and debt obligations through the upcoming 18-month window.