ICRA assigns AA+ rating to Adani Ports on strong business profile
India's largest private port operator Adani Ports and Special Economic Zone has moved one step closer to returning to the corporate bond market, as it has received ratings earlier this week for a planned debt issue.
Rating agency ICRA has assigned AA+ rating for 100 billion rupees ($1.20 billion) of bonds of the company, while India Ratings and Research has assigned AA+ rating to bonds worth 50 billion rupees, according to ratings notes.
While ICRA said its rating factors in the company's strong business profile, India Ratings said it continues to take a consolidated view of the company and its subsidiaries.
Earlier in December, Reuters reported citing sources that Adani Ports is mulling a fundraise of up to 10 billion rupees from the domestic bond market in th...