S&P: Adani Ports notes BBB-

Standard & Poor’s said it assigned a BBB- long-term corporate credit rating to Adani Ports and Special Economic Zone Ltd.

The agency also said it assigned a BBB- long-term issue rating to the company’s proposed issuance of dollar-denominated senior unsecured notes.

The outlook is stable.

The ratings reflect the company’s leading position in India’s port sector and strong operating efficiency, S&P said.

The company does face some concentration risk as its business is centered on Mundra and it is exposed to India, the agency said.

Adani Ports’ leverage is expected to remain moderate, S&P said, and the company’s aggressive growth appetite could undermine the potential for significant improvement.

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