 "Adani Ports fund-raising plan of $1.25 bn draws negative rating outlook")
Adani Ports and Special Economic Zone Limited (APSEZ), which plans to raise senior unsecured bonds up to $1.25 billion to meet its refinancing requirements, is facing rating concerns even as analysts see strong company fundamentals.
APSEZ will use most of the proceeds to refinance its existing debt and/or that of its subsidiaries, which could include Krishnapatnam Port Company Ltd, subject to completion of its acquisition by APSEZ, said Moody's Investors Service.
The company will use the remainder of the proceeds for other general corporate purposes, it said.
Both Fitch Ratings and Moody’s have placed a negative rating outlook with latter assigning Baa3 and
