Gautam Adani
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
S&P Global Ratings Revises Outlook On Adani Ports, Electricity To Negative
S&P Global Ratings on Friday revised outlook on Adani Ports and Adani Electricity to negative from stable while affirming the rating
Topics
Adani Ports | Adani Electricity | Companies
S&P Global Ratings on Friday revised outlook on Adani Ports and Adani Electricity to negative from stable while affirming the rating.
A US short-seller report alleging significant governance issues for the Adani Group, many of which relate to disclosures and actions at the shareholder level, has triggered a sharp fall in Adani Group entities' equity and bond prices.
The company has responded to the allegations and also decided to return funds from a fully subscribed USD 2.4-billion offer of shares in the promoters' flagship company Adani Enterprises Ltd due to market volatility.
"There is a risk that investor concerns about the group's governance and disclosures are larger than we have currently factored into our ratings, or that new investigations and negative market sentiment may lead to increased cost of capital and reduce funding access for rated entities," S&P said in a statement.
As a result, it revised the rating outlook to negative from stable on Adani Electricity and Adani Ports.
"We affirmed our issuer and issue ratings on the entities as their business fundamentals remain intact, short-term liquidity is adequate, and debt maturities in the next 12 months are manageable," it added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Fri, February 03 2023. 20:51 IST
RECENT NEWS
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more
Private Equity And Banks: The Complex Web Of Leverage
Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more
Financial Watchdog Highlights Unresolved Vulnerabilities In Shadow Banking Sector
The world’s leading financial stability watchdog has issued a warning about the unresolved vulnerabilities within the ... Read more
JPMorgan And Small Caps Lead Market Rally: A Sign Of Economic Optimism
In a week marked by strong financial performance, JPMorgan Chase & Co. reported a 25% rise in profits, and US small-... Read more
Big Banks Vs. Regional Banks: The Battle For Market Share
The financial industry is a competitive landscape where big banks and regional banks vie for market share. Each type of ... Read more
The Evolution Of Philanthropic Advisory Services In Private Banks
The landscape of philanthropic advisory services provided by private banks has undergone a significant transformation. T... Read more