Fitch: Adani Ports notes BBB-

Fitch Ratings said it assigned an expected long-term foreign-currency issuer default rating of BBB- to Adani Ports and Special Economic Zone Ltd.

The agency also said it assigned an expected senior unsecured rating of BBB- to the company’s proposed senior unsecured dollar-denominated notes.

The outlook is stable.

The ratings benefit from the company’s strong operational profile, Fitch said.

Adani Ports’ credit profile is expected to improve over the next two years as debt gets paid down and the company generates positive free cash flows, the agency said.

Financial leverage also is expected to improve to about 4x by 2017, Fitch added.

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