Moody's Ratings upgraded the outlook for Adani Ports (APSEZ), Adani Transmission Step-One (ATSOL), and Adani Electricity Mumbai (AEML) to Baa3/Stable, reaffirming confidence in the Adani Group's liquidity and financial discipline.
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 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… pic.twitter.com/NhPEGeB3Sm — Adani Group (@AdaniOnline) January 15, 2026
Moody's Rationale and Outlook
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.
Specific Rating Upgrades
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.
Rationale for Affirmation
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)
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