S&P upgrades Adani Ports credit rating to investment grade
after close1 source ↓written by the desknot a recommendation
S&P Global Ratings upgraded Adani Ports and Special Economic Zone Ltd to 'BBB' from 'BBB-' on 25 June 2023, driven by strong operating cash flows and a leaner balance sheet. This upgrade enhances access to global debt markets, potentially lowering borrowing costs as the company pursues a significant expansion program. The stable outlook reflects expectations of net debt-to-EBITDA at 2.6x over the next 12-24 months, down from nearly 4x in FY23.
Not investment advice. For informational purposes only.