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Outlook on Adani Entities Upgraded by S&P
August 6, 2025
S&P raised its outlook on three Adani Group entities – to positive from stable for Adani Ports and to stable from negative for Adani Electricity Mumbai and Adani Green Energy Restricted Group 2. The outlook revision comes after assessing the group’s operations post the impact of a US SEC investigation. According to S&P, Adani Group’s core businesses continue to perform well. No significant impact was noted on funding access or costs despite the SEC indictment of two Adani family executives. Since the SEC investigation targeted individuals and not the rated companies, the fines will not be borne by the latter. The group raised over $10bn in new credit facilities over the past six months, without a significant rise in funding costs, drawing support from Indian state-owned institutions and private credit investors. S&P believes the strong business environment would continue to support strong operational performance of these entities.
Last week, Adani Ports also announced the early results of its tender offer. It bought back $125mn of its 4.2% 2027s, $154.2mn of its 4% 2027s and $105.2mn of its 4.375% 2029s. The early deadline closed on July 29, and the 4.2% 2027 notes were oversubscribed beyond their maximum acceptance amount; as a result, the company will no longer accept these notes in the tender offer. The maximum acceptance amount for 4% 2027s and 4.375% 2029s stands at $200mn and $125mn respectively. The tender offer ends on 13 August 2025.
Adani’s 5% 2041s jumped by 1.5 points to 81.7, yielding 6.9%, while its other dollar bonds were broadly stable.
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