Fitch Ratings affirms Adani Ports at ‘BBB-’ with ‘stable’ outlook

Fitch Ratings on Thursday affirmed India-based port operator Adani Ports and Special Economic Zone Limited's (APSEZ) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' with 'stable' outlook.

The affirmation reflects Fitch's view that the Hindenburg report alleging governance issues at the Adani group has a limited near-term impact on APSEZ's cost of funding and access at the current rating level.

"We expect APSEZ's financial flexibility to remain supported by its robust portfolio of seaports, which comprises strategically located assets with best-in-class operational efficiency and an adequate liquidity position. APSEZ's internal cash surplus is sufficient to cover its near-term operations and debt obligations as well as its budgeted capex," stated the report by Fitch.