S&P upgrades its outlook on three Adani Group companies

Time of India

05-08-2025

Mumbai: S&P Global Ratings has revised its outlook on three
Adani Group
entities-Adani Electricity Mumbai. (AEML),
Adani Ports and Special Economic Zone
(APSEZ), and
Adani Green Energy
Restricted Group 2-on the back of sustained operational strength and continued access to funding despite regulatory overhangs.
Following its latest review, the agency affirmed the
credit ratings
of the three entities while revising their outlooks to reflect improved fundamentals.
Productivity Tool
Zero to Hero in Microsoft Excel: Complete Excel guide
By Metla Sudha Sekhar
View Program
Finance
Introduction to Technical Analysis & Candlestick Theory
By Dinesh Nagpal
View Program
Finance
Financial Literacy i e Lets Crack the Billionaire Code
By CA Rahul Gupta
View Program
Digital Marketing
Digital Marketing Masterclass by Neil Patel
By Neil Patel
View Program
Finance
Technical Analysis Demystified- A Complete Guide to Trading
By Kunal Patel
View Program
Productivity Tool
Excel Essentials to Expert: Your Complete Guide
By Study at home
View Program
Artificial Intelligence
AI For Business Professionals Batch 2
By Ansh Mehra
View Program
AEML and Adani Green Group 2 saw their outlooks move to 'Stable' from 'Negative', while APSEZ was upgraded to 'Positive' from 'Negative'. The current ratings stand at 'BBB-' for AEML and APSEZ, and 'BB+' for
Adani Green Energy
Restricted Group 2.
In November last year, S&P had revised the outlook for the same firms to 'Negative', shortly after the U.S. Department of Justice filed corruption charges against Adani Group chairman
Gautam Adani
and others. While those charges remain under investigation, S&P noted that there is currently no evidence of material impact on the group's funding access or operational performance.
"We haven't seen any indications that the group companies' funding access or costs have been materially hit by the SEC indictment," the agency said. "Key concessions and power purchase agreements remain intact, and the Adani entities continue to receive approvals across different businesses."
Live Events
According to S&P, the group has secured over $10 billion in fresh debt in the past six months across Adani Ports, Adani Green Energy, Adani Enterprises Ltd. and Adani Energy Solutions Ltd. This funding constitutes a sizable portion of the around $30 billion debt across group entities as of March 31, 2025, the agency said.
"The terms of the debt are not more onerous and don't have specific reference to the outcome of the SEC case," the agency noted, adding that domestic and international banks, Indian financial institutions, and private credit investors continue to lend to the group. The Adani family also injected $1.1 billion into Adani Green Energy in July.