S&P upgrades Adani Ports to 'BBB'; outlook stable

S&P Global has upgraded the credit rating outlook for Adani Ports and Special Economic Zone Ltd. (APSEZ) to "stable" from "negative," while reaffirming its long-term credit rating at 'BBB-'. The move reflects improved financial performance, including consistent cash flow generation and strong liquidity, as well as the company's demonstrated ability to access both debt and equity markets at competitive terms.

The rating agency noted that APSEZ has repaid all promoter loans linked to share prices and has secured new financing at reasonable costs, reinforcing its credit profile. Additionally, S&P highlighted that most regulatory investigations concluded into the Adani Group without evidence of wrongdoing has reduced potential downside risks.

This upgrade aligns with similar actions by other international rating agencies, including Moody’s and Fitch, which have also reaffirmed stable outlooks for APSEZ and other entities within the Adani Group. The updated outlook underscores the company's strong market position and operational resilience in the Indian ports and logistics sector.