Moody’s assigns Adani Ports bonds Baa3

Moody’s Investors Service said it assigned Adani Ports and Special Economic Zone Ltd.’s proposed dollar-denominated senior unsecured bonds a Baa3 rating.

“As the proposed U.S. dollar bonds rank pari passu to all of Apsez’s existing and future unsecured and unsubordinated debt, the Baa3 rating of these bonds follows that of its existing senior unsecured bonds issued in 2017 and 2019 respectively,” said Abhishek Tyagi, a Moody’s vice president and senior analyst, in a press release.

The issuer and the ratings of outstanding senior unsecured bonds remain unchanged at Baa3, Moody’s said.

Adani Ports will use the majority of the proceeds to refinance debt and/or that of its subsidiaries, which could include Krishnapatnam Port Co. Ltd., subject to the completion of its acquisition by Adani Ports. The company will use the remainder of the proceeds for other general corporate purposes.

The outlook is negative.

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