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S&P Global Ratings has downgraded the outlook for Adani Ports, Adani Green Energy, and Adani Electricity Mumbai to negative, citing risks to cash flow and funding access following bribery charges against founder Gautam Adani. The US indictment could lead to increased borrowing costs and governance concerns for the Adani Group. Despite these changes, S&P maintained its 'BBB-' rating on Adani Electricity and Adani Ports, and a 'BB+' rating on Adani Green Energy.
Gautam Adani, founder of the Adani Group, has been charged by US prosecutors for allegedly participating in a $250 million bribery scheme aimed at securing solar energy contracts from Indian government officials. Following the charges, dollar-denominated notes issued by the Adani Group plummeted, with some falling as much as 10 cents on the dollar. This decline marks a significant drop, particularly for Adani Electricity Mumbai notes, which fell by 8.6 cents, echoing the turmoil triggered by a previous short-seller report in 2023.
Adani Electricity Mumbai Ltd.
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S&P downgrades outlook on Adani Group amid bribery allegations and risks
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Adani Electricity Mumbai Ltd.
Adani Ports and Special Economic Zone Ltd.
Adani Green Energy Limited
IND
Gautam Adani
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05:15 22.11.2024
adani group bonds plunge after founder charged in bribery scheme
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Adani Electricity Mumbai Ltd.
Adani Group
Adani Green Energy Limited
IND
Gautam Adani
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02:35 21.11.2024
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