On Thursday, the company's scrip closed 5% lower Rs 749.75. In the last one month, stock fell 73% due to allegations by Hindenburg 
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On Thursday, the company's scrip closed 5% lower Rs 749.75. In the last one month, stock fell 73% due to allegations by Hindenburg Fitch Ratings on Thursday has affirmed the 'BBB-' ratings on the $400-million senior secured notes issued by Adani Transmission Ltd. The outlook of the embattled Adani Group company is stable, said the rating agency.
The credit assessment of the restricted group reflects the project companies' availability-based revenue under a supportive regulatory framework, with low technical complexity, reflected in high availability levels and operating performance that we expect to remain stable.
However, the project companies have longer-term residual exposure to inflation in light of the mismatch between the operating and maintenance (O&M) cost escalation rates and the largely unindexed revenue base.
Adani Transmission will announce debt refinancing plans in a few weeks, Reuters reported earlier this week.
The company, a unit of the embattled Adani Group, has no plans to raise additional debt for capital expenditure, which it plans to cover with operating cash inflows, the report said.
The conglomerate had hired banks to arrange calls with bond investors to reassure them about the payment capacity of its operating companies after it was caught up in a short-selling storm in recent weeks.
The calls come after a Jan. 24 report by Hindenburg Research that alleged the conglomerate improperly used offshore tax havens and manipulated stocks. The report also flagged concerns over its high debt levels. Seven listed companies of Adani have together lost some $140 billion in market value since then. Adani has rejected the concerns and denied any wrongdoing.
Fitch projects an average debt-service coverage ratio (DSCR) of 1.48x, with a profile DSCR of 1.3x between the financial years ending March 2027 (FY27) and FY33. The restricted group's financial profile is stronger than that commensurate with a 'BBB-' rating for this portfolio of assets, reflecting considerable rating headroom at the current level. The credit assessment is constrained by India's (BBB-/Stable) 'BBB-' Country Ceiling.
On Thursday, the company's scrip closed 5% lower Rs 749.75. In the last one month, stock fell 73% due to allegations by Hindenburg.
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