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New Delhi: Global ratings agency Fitch has said that two companies within the Adani Group – Adani Ports & SEZ Ltd. and Adani Transmission Ltd. – face increased “contagion risks” due to weak governance within the conglomerate.
The report, released on Tuesday in Singapore, suggests that until these concerns are addressed, the ratings for Adani Transmission and Adani Ports and Special Economic Zone will remain capped at their current level of “BBB-/Stable”.
Fitch also noted that as of the end of December 2022, the debt of Adani’s rated Indian entities was largely secured and held offshore, with U.S. dollar bonds maturing from mid-2024. Therefore, there are no immediate concerns about repayment.
Adani debunks reports on repayment of loans against shares
Meanwhile, the Adani Group has strongly refuted news reports which make the baseless and deliberately mischievous claim that the Group has not completed the repayment of USD 2.15 billion in share-backed debt.
Adani has completed full prepayment of margin linked share backed financing aggregating to USD 2.15 billion and all corresponding shares pledged for those facilities have been released.
Adani said all share backed facilities availed by the promoters have been paid off.
After the statement, stocks of Adani Group companies rebounded.
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( With inputs from www.siasat.com )
