Fitch revises Outlook on four Adani Group entities to Stable from Negative

Fitch Ratings has revised the Outlook on four Adani Group entities — Adani International Container Terminal Private Ltd (AICTPL) U.S. dollar senior secured bonds; Adani Green Energy Ltd Restricted Group 1’s (AGEL RG1) U.S. dollar senior secured bonds; Adani Green Energy Ltd Restricted Group 2’s (AGEL RG2) U.S. dollar senior secured bonds; and Adani Energy Solutions Ltd restricted group’s (AESL RG) U.S. dollar senior secured bonds to Stable from Negative and affirmed the ratings at ‘BBB-’.

Fitch has also removed the Rating Watch Negative (RWN) and taken rating action on the Mumbai International Airport Ltd’s (MIAL) U.S. dollar senior secured bonds affirmed at ‘BB+’ with a Negative Outlook; and North Queensland Export Terminal Pty Ltd’s (NQXT) Australian dollar senior secured bonds affirmed at ‘BB+’ with a Stable Outlook. 

Fitch has simultaneously withdrawn the senior secured bond rating of NQXT, it said.