Adani Ports rises 3% as Moody’s revises outlook to stable from negative
Ratings agency said change in outlook reflects stabilization in the company’s operating performance and a decline in its financial leverage.
Shares of Adani Ports rose nearly 3 percent intraday on Monday after a ratings upgrade from Moody’s.
Moody's Investors Service revised to stable from negative the outlook on Adani Ports and Special Economic Zone Limited's (APSEZ) Baa3 issuer and senior unsecured rating.
At the same time, the Baa3 issuer and senior unsecured ratings have been affirmed, the ratings agency said in a press release.
"The change in APSEZ's ratings outlook to stable reflects the stabilization in the company's operating performance and a decline in its financial leverage", Abhishek Tyagi, a Moody's Vice President and Senior Analyst said in a statement.
"The weakened operating performance and financial metrics were key drivers behind the previous negative outlook, and APSEZ has undertaken a number of initiatives to address these issues and strengthen its credit profile within the rating", Tyagi added.The stock gained over 5 percent in the past one month, while its three-day gain stood at 3.4 percent. At 13:12 hrs, Adani Ports and Special Economic Zone was quoting at Rs 372.00, up Rs 9.35, or 2.58 percent on the BSE. It touched a 52-week high of Rs 373.35.