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Fitch places some Adani bonds on negative watch after US bribery charges: Report

Adani Energy Solutions Ltd, Adani Electricity Mumbai and some of Adani Ports and Special Economic Zone rupee and dollar bonds are now on "watch negative", the ratings agency said.

November 26, 2024 / 08:46 IST
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Fitch places some Adani bonds on negative watch after US bribery charges: Report

Ratings agency Fitch has put some of Adani Group's bonds on watch for a possible downgrade after some of the firm's key executives were indicted by U.S. authorities on bribery charges.

Adani Energy Solutions Ltd, Adani Electricity Mumbai and some of Adani Ports and Special Economic Zone (APSEZ) rupee and dollar bonds are now on "watch negative", the ratings agency said.

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Fitch said it would monitor the U.S. investigation for any impact on Adani's financial position, "particularly any material deterioration in near- to medium-term funding access, including their ability to roll over existing credit lines or access new facilities, as well as potentially higher credit spreads".

Ratings on four Adani subsidiary senior unsecured dollar bonds were downgraded from stable to negative, the agency added.