Moody's rates Adani Ports bonds Baa3

Moody's said it assigned a Baa3 rating to the proposed senior unsecured bonds of Adani Ports and Special Economic Zone Ltd.

The issuer rating and the rating of its existing $650 million senior unsecured bond remain unchanged at Baa3.

The outlook is negative.

The issuer’s Baa3 issuer rating primarily reflects the company's strong market position as the largest port developer and operator in India by cargo volume, and the strength of its landmark Mundra Port concession in Gujarat, Moody’s said in a news release.

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