Moody's Investors Service on Tuesday revised its outlook on four Adani Group companies to 'Stable', a year after downgrading them to 'Negative' following the damning report by American short-seller Hindenburg.
The global ratings agency has revised the outlook on Adani Green Energy, Adani Green Energy Restricted Group (AGEL - RG-1), Adani Transmission Step One, and Adani Electricity Mumbai to “stable” from “negative”.
Moody’s has affirmed “Stable” outlook on Adani Ports and SEZ, Adani International Container Terminal Pvt Ltd, Adani Green Energy Restricted Group (AGEL RG-2), and Adani Energy Solutions Limited Restricted Group 1 (AESL RG1).
In February 2023, Moody's revised the outlook on the firms to negative reflecting concerns over their access to capital and a potential increase in capital costs following the release of the Hindenburg report, which led to significant and rapid declines in the market value of the Adani Group companies securities.
In the ensuing period, the Group has completed a number of debt transactions, including refinancing as well as obtaining new loan facilities, demonstrating its continued access to debt capital at a reasonable cost, Moody's said in a release.
"Several high profile equity transactions by large institutional and strategic investors, such as GQG and Qatar Investment Authority, also demonstrated the Group's continued equity market access".