Fitch Revises Adani Ports Outlook to Stable Amid Contagion Risk Easing
Fitch Ratings has revised Adani Ports' outlook to Stable, reflecting eased contagion risk and diversified funding access. Despite ongoing legal scrutiny, strong cash flows and investment capabilities highlight APSEZ's resilience. SEBI's clearing of old allegations further stabilizes its market stance, facilitating ambitious expansion plans.
- Country:
- India
Fitch Ratings has upgraded the outlook for Adani Ports and Special Economic Zone Limited (APSEZ) from Negative to Stable. This change highlights the reduction in contagion risk and the company's successful access to diversified funding sources, even amid U.S. legal proceedings involving Adani Green Energy board members.
The ratings agency emphasized the resilience of the Adani group as evidenced by continued investments and rising capital expenditures in the first half of fiscal year 2026. The Securities and Exchange Board of India's (SEBI) September 2025 decision found no violations by the Adani Group concerning disclosure norms, countering earlier allegations from 2023.
APSEZ's robust financial profile is tempered by India's 'BBB-/Stable' Country Ceiling, yet the company thrives with a diversified portfolio of ports and ongoing investment in logistics infrastructure. The firm's financial strategy includes maintaining manageable debt, supported by revenues partially denominated in US dollars, and projecting steady growth in cargo and tariffs.
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