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Fitch Ratings On Adani Group: A big statement has come from the rating agency Fitch amidst a huge fall in the stocks of Adani Group. Fitch Ratings has said that the report of short seller Hindenburg is not going to have any impact on the ratings of Adani group companies and their securities which it has already rated. At the same time, Fitch said that there has been no change in its estimate of the company’s cash flow. Adani group can get relief from this statement of Fitch Ratings.
However, Fitch said that it will continue to closely monitor the Adani group companies which it has rated. The rating agency said that it will keep an eye on the financing of these companies, cost of financing in the long term, any such regulatory or any legal matter or issue related to ESG which may affect the credit profile of the company. The rating agency said that no major offshore bond maturity of the Adani group is going to happen in the short term. Bonds of Adani Ports in June 2024, Adani Green Energy in December 2024 and rest of the companies will mature in 2026 or later.
Fitch Ratings has currently rated 8 companies of Adani Group. In which Adani Transmission has got BBB- / Stable, Adani Electricity Mumbai Limited’s Senior Secured Dollar Notes have got BBB- rating. Adani International Container Terminal Private Limited Senior Secured Dollar Notes BBB-/Stable, Adani Transmission BBB-/Stable, Adani Green Energy Senior Secured Dollar Notes BBB-/Stable, Mumbai International Airport Limited Senior Secured Dollar Notes BB+/ Stable ratings achieved.
Earlier, rating agency CRISIL had said that it is constantly monitoring all the ratings given to the Adani group. The rating agency has said that in view of the decline in the group’s shares after the research report, the rating agency will continue to monitor the impact of any regulatory or government action on corporate governance or the company’s ability to raise money from banks or capital markets.
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