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Bond Market News
Total Energies Pauses Investment in Adani; Fitch Puts Adani Entities on Rating Watch Negative
November 26, 2024
TotalEnergies, a French oil major company, has halted investments in the Adani Group following the indictment by US authorities. The company’s financial exposure to Adani firms is estimated at between $4-5bn, according to Bernstein Research. TotalEnergies, which holds a 20% stake in Adani Green Energy Ltd, stated that it would not make further financial contributions until the allegations are clarified. Presently, the Adani Group has denied the charges, calling them baseless, and has vowed to pursue legal action.
In an additional development, Fitch has placed the Adani Group entities and their debt on rating watch negative following the allegations and charges. The rating agency placed Adani Ports, Adani Green Energy Ltd Restricted Group 1 (AGEL RG1), AGEL RG2, and Adani Energy Solutions on rating watch negative. The action reflects increased corporate governance risk and potential contagion risk that could impact funding access and liquidity of the rated entities, if corporate governance risk materializes following the indictment.
Adani’s dollar bonds traded stable with its 4.375% 2029s at 83, yielding 8.96%
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