Moody's assigns Baa2 to Adani bonds

Moody's Investors Service said it assigned Baa2 ratings to 30-year dollar-backed senior secured bonds issued by Adani Transmission Restricted Group. The senior secured bonds comprise series A bonds of $310 million and series B bonds of $90 million. Both series mature in March-2050.

"The Baa2 rating on the U.S. dollar bonds reflects the credit quality of ATL RG, which is in turn supported by its stable revenues from a diversified set of transmission assets in India that operate under long-term transmission service agreements with set tariffs," said Spencer Ng, a Moody's vice president and senior analyst, in a press release.

The outlook is negative.

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