No immediate impact on rated Adani entities' credit from Hindenburg report: Fitch Ratings
By ANI | Published: February 3, 2023 02:00 PM2023-02-03T14:00:11+5:302023-02-03T19:35:02+5:30
Fitch Ratings says there is no "immediate impact" on the ratings of the Adani entities and their securities following ...
![No immediate impact on rated Adani entities' credit from Hindenburg report: Fitch Ratings | No immediate impact on rated Adani entities' credit from Hindenburg report: Fitch Ratings No immediate impact on rated Adani entities' credit from Hindenburg report: Fitch Ratings | No immediate impact on rated Adani entities' credit from Hindenburg report: Fitch Ratings](https://d3pc1xvrcw35tl.cloudfront.net/ln/feedImages/420x315/ANI-20230203081158_202302.jpg)
No immediate impact on rated Adani entities' credit from Hindenburg report: Fitch Ratings
Fitch Ratings says there is no "immediate impact" on the ratings of the Adani entities and their securities following a recent report by Hindenburg Research, alleging malpractices and the rating agency expects no material changes to its forecast cash flow of the conglomerate.
"There are also no near-term significant offshore bond maturities - earliest in June 2024 for Adani Ports and Special Economic Zone Limited (APSEZ, BBB-/Stable); December 2024 for Adani Green Energy Limited Restricted Group 1 (AGEL RG1, BB+/Stable); and 2026 or beyond for all other entities," the rating agency, Fitch Ratings, said in a report on Friday.
No near-term maturities of offshore bonds, the rating agency said, will reduce refinancing risks and near-term liquidity risks.
"Our ongoing monitoring will be looking closely at any major changes to the rated entities' access to financing or cost of financing on a long-term basis, unfavorable regulatory/legal developments or ESG-related matters that could affect credit profiles," it added.
US-based Hindenburg Research published a report on 24 January 2023, alleging various purported malpractices in Adani Group, leading to a downfall in the share and bond prices of various of its group entities, despite the group publishing its response to the report on January 30, 2023.
In a long response, Adani Group on Sunday said the report by Hindenburg Research was not an attack on any specific company but a "calculated attack" on India, its growth story, and ambitions. It added the report was "nothing but a lie".
( With inputs from ANI )
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