Fitch affirms Adani Transmission restricted group's notes at 'BBB-'

ATL RG1's credit assessment is not directly affected by the allegations of malpractices at Adani group made by US-based short seller Hindenburg Research

Fitch has affirmed the ‘BBB-’ rating on senior secured notes issued by the restricted group of Adani Transmission and has said its outlook is stable.

The restricted group (ATL RG1) includes six co-issuers – Barmer Power Transmission Service, Chhattisgarh-WR Transmission, Hadoti Power Transmission Service, Raipur-Rajnandgaon-Warora Transmission, Sipat Transmission, and Thar Power Transmission Service – and one non-issuing SPV, Adani Transmission (Rajasthan) (ATRL).

The credit assessment reflects the project companies’ availability-based revenue under a supportive regulatory framework, with low technical complexity, reflected in high availability levels. It expects operating performance of entities to remain stable.

However, the project companies have longer-term