Ratings agency Fitch said Friday it saw no immediate impact on the ratings of Adani Group entities and their securities, following the report from US short-seller Hindenburg Research last week.
Hindenburg’s damning attack on the conglomerate questioned the company’s debt levels and use of tax havens, but the group called the report unfounded and affirmed that its financials are strong.
Our ongoing monitoring will look closely at any major changes in the rated entities’ access to funding or long-term funding costs, adverse regulatory/legislative developments or ESG-related issues that could impact credit profiles. the ratings. This is stated in a report by the agency.
Fitch has ratings of eight entities within the Adani group, including Adani Transmission Ltd, Adani Electricity Mumbai Ltd and Adani International Container Terminal.
The rating agency added that it did not expect any material changes in Adani Group’s cash flow forecast.
Gautam Adani, once India’s richest man, has dropped to number 17 in Forbes’ list of the world’s richest people.
Shares of Adani’s listed companies have plummeted since last week and their market value has now more than halved to less than $100 billion.
The agency added that there are no significant near-term offshore bonds maturing, reducing refinancing and near-term liquidity risks.
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