Fitch Ratings said on Friday it will be monitoring Adani group companies’ access to financing, cost of financing, or any other developments that could affect their credit profiles and consequently their ratings. It added that there was no immediate impact on the rating of the companies and securities issued by them following the allegations of malpractices by Hindenberg Research last week.
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Fitch pointed out that were no material changes to the companies’ forecasted cash flows that could affect their current rating profile. There is a bond issuance by Adani Ports and Special Economic Zone maturing in June 2024, and in December 2024 for Adan Green Energy Restricted Group. All other maturities were expected to occur in 2026 and beyond.
Following the allegations last this and earlier this week, shares of Adani group companies have been battered on the bourses, while bond prices traded globally have slumped to distressed levels.
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