New Delhi [India]: The Adani Group expressed confidence on Thursday over Moody's Ratings, which has upgraded the outlook for three of its key entities, Adani Ports and Special Economic Zone (APSEZ), Adani Transmission Step-One Limited (ATSOL), and Adani Electricity Mumbai Limited (AEML), to Baa3/Stable.
According to the Adani Group, the upgrade reaffirms confidence in the group's liquidity position, financial discipline, and ability to sustain its investment-grade credit profile. The group stated that this milestone reflects its continued commitment to nation-building and India's transformation, enabling measured growth and supporting the foundations of a stronger future India.
In a post on X, the group said, "Moody's has upgraded the outlook for APSEZ, ATSOL and AEML to Baa3/Stable, reaffirming confidence in the Adani Group's liquidity position, financial discipline and ability to sustain its investment-grade credit profile. This milestone reflects our continued commitment to nation-building and India's transformation, enabling measured growth and supporting the foundations of a stronger future India."
Moody's Ratings has upgraded the outlook of Adani Ports and SEZ, Adani Transmission Step-One Limited and Adani Electricity Mumbai Limited, and reaffirmed the ratings.
The APSEZ would maintain solid liquidity access and a credit profile in line with its Baa3 rating over the next 12-18 months, the rating agency noted. APSEZ's robust financial profile is supported by the discretionary nature of its planned capital spending for growth and to improve access to funding.
The ATSOL and AEML would maintain access to liquidity and a credit profile supportive of their investment grade ratings over the next 12-18 months, it has asserted.
Moody's said it will continue to monitor the proceedings and negative development in the process, if materialised, may still affect the group's access to capital and its ability to deliver on its growth objectives.
Basis above noting, Moody's has upgraded the outlook of Adani group entities: APSEZ - to Baa3/ Stable from Baa3/ Negative; ATSOL OG (basis AESL) - to Baa3/ STABLE from Baa3/ Negative; and AEML - to Baa3/ STABLE from Baa3/ Negative.
The affirmation of ATSOL's senior secured bond ratings reflects the company's close credit links with its wholly owned parent Adani Energy Solutions Limited (AESL) because of AESL's guarantee on the rated bonds and the event of default provisions linked to AESL's insolvency.
AESL's credit profile, in turn, reflects its diversified portfolio of quality transmission and distribution assets, which benefit from supportive regulatory regimes or long-term contracts with fixed tariffs, Moody's said.
The affirmation of AEML's senior secured bond ratings reflects the predictable revenue from its regulated utility business in Mumbai. At the same time, the rating affirmation considers AEML's elevated financial leverage, partly driven by its large capital spending in recent years. (ANI)
Mumbai (Maharashtra) [India], January 15 (ANI) NSE MD and CEO Ashish Chauhan on Thursday asserted that the SEBI in-principally clearing the way for their IPO is "good news", but its actualisation will still take a few months.
This comes after the SEBI Chairman recently indicated to clear NOC for the IPO, possibly this month. Tuhin Kanta Pandey said that the Board is at a very advanced stage of issuing the No Objection Certificate (NOC). "Possibly within this month," the SEBI Chairman had indicated, raising expectations of progress on the listing front.
Even as reports indicate that the markets regulator has, in principle, agreed to the exchange's settlement application in the unfair market access case, which had apparently been a major hurdle for the much-awaited IPO, Chauhan said they had not yet officially received the "intimation" from SEBI. "That's good news, and we have not yet got the intimation," he said, talking to ANI, when asked to respond to SEBI's reportedly in-principle clearance. Once SEBI officially issues the no-objection certificate to NSE, Chauhan said, "then only we will be able to file DRHP." Draft Red Herring Prospectus (DRHP) is typically a document that consists of the company's financial details, future prospects, and other key aspects regarding the business and is being filed to the regulator to raise money essentially via public offerings of its shares.
Preparing DRHP, according to Chauhan, will take three-four months. "Then we'll file with SEBI again. They have a process which takes two-three months at least, or sometimes four months. So it's still seven-eight months away after the NOC is received," Chauhan added.
Notably, the NSE has been seeking regulatory clearance for its public listing for several years, following governance concerns and the co-location controversy that came under SEBI's scrutiny.
NSE initially filed its Draft Red Herring Prospectus (DRHP) in December 2016. The process was delayed by regulatory challenges, particularly allegations of unfair access to its algorithmic trading platform in India.
Later in August 2024, the NSE reapplied to the Securities and Exchange Board of India (SEBI) for a no-objection certificate to proceed with its IPO. In October 2024, the NSE settled its Trading Access Point (TAP) Architecture and Network Connectivity case by paying a penalty of Rs 643 crore to SEBI, which was probing an alleged deficiency on the part of the exchange and its top officials to deal with a situation wherein some high-frequency stock traders were found to be gaming the system. (ANI)
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