Moody’s upgrades outlook on Adani Group asset pools to 'stable'

Moody’s Ratings has revised the outlook on several Adani Group asset pools to “stable” from “negative”, signalling growing confidence in their financial resilience even as legal proceedings involving group promoters continue.

The rating agency upgraded the outlook on Adani Green Energy’s Restricted Group (RG) 1 and RG 2 portfolios, Adani Energy Solutions’ RG1 (US Private Placement) assets, and the debt of Adani International Container Terminal Pvt Ltd (AICTPL), a joint venture between Adani Ports and Special Economic Zones (APSEZ) and Terminal Investment Ltd, a subsidiary of global shipping giant MSC. Ratings on all these entities were reaffirmed.

Moody’s kept Adani Green’s RG1 and RG2 ratings at Ba1, noting that both restricted groups — pools of ring-fenced assets used as collateral — continue to demonstrate steady operations and benefit from “fully amortizing debt structures” that do not require external funding. These structural features help insulate the projects from ongoing legal proceedings in the US, it said.

RG1 comprises assets backing $409 million in green bonds, while RG2 supports around $362.5 million in debt. Both are long-term issuances, backed by diversified renewable energy projects housed under multiple special purpose vehicles.