Good news for Adani Group, Moody's upgrades ratings of 4 companies

American rating agency Moody's Investors Service on Tuesday gave rating information for eight companies of Adani Group. The global rating agency changed the ratings for four companies from 'negative' to 'stable'. According to the statement issued by Moody's, it has maintained 'stable' outlook for four other companies of Adani Group.

The statement said Moody's has changed the outlook for Adani Green Energy, Adani Green Energy Restricted Group 1, Adani Transmission Step-on and Adani Electricity Mumbai from 'negative' to 'stable'.

At the same time, the outlook for Adani Energy Solutions Restricted Group 1, Adani Ports and Special Economic Zone, Adani International Container Terminal and Adani Green Energy Restricted Group 2 has been kept 'stable'.

Moody's also mentioned the positive reasons due to which the outlook was changed. He said that Adani Group showed good financial strength and raised funds. Moody's said that in the last year the group has completed several debt transactions.

These include refinancing, availing new loan facilities, access to debt capital at affordable prices. He said that large institutional and strategic investors such as GQG and Qatar Investment Authority conducted several important equity transactions.

The US government had concluded that short-seller Hindenburg Research’s allegations of corporate fraud against Indian billionaire Gautam Adani weren’t relevant before extending his conglomerate as much as $553 million for a container terminal in Sri Lanka, a senior US official said.

Allegations in a scathing report by US-based Hindenburg Research, which erased around $100 billion from the Adani Group’s market value earlier this year, were front and center as the International Development Finance Corp., or DFC, conducted a due diligence investigation of the conglomerate, an official from the US agency told Bloomberg.