NEW DELHI: In a major boost to Adani Group, rating agency Moody’s has changed outlook of four companies from negative to stable.
The agency changed the outlook of four companies – Adani Energy, Adani Green Energy Restricted Group-1, Adani Transmission Step-One Limited and Adani Electricity Mumbai Limited (AEML) – from negative to stable.
The rating agency maintained stable outlook on four other firms – Adani Ports and Special Economic Zone Limited (APSEZ), Adani International Container Terminal Private Ltd, Adani Green Energy Restricted Group-2, and Adani Energy Solutions Limited Restricted Group 1.
In February 2023, Moody’s revised the outlook on four rated Adani Group companies to negative reflecting concerns over their access to capital and a potential increase in capital costs following the release of a report from a short-seller highlighting concerns over the Adani Group’s governance practices, which led to significant and rapid declines in the market value of the Adani Group companies securities
In a note issued on Tuesday, the agency said since the Hindenburg report in January 2023, the group has completed a number of debt transactions.