 "Adani, Adani Group")
India Ratings has revised the outlook on Adani Enterprises Ltd (AEL) and Adani Green Energy Ltd (AGEL) from “stable” to “negative” while affirming the long-term issuer rating for both at “A+”.
The rating agency said AEL's negative outlook reflects uncertainty about cash flow mismatches resulting from the revised capex plans and the possible sources of funding available which may keep the equity cover lower than 2x. Adani Enterprises has proposed to raise up to Rs 1,000 crore via non-convertible debentures (NCDs).
India Ratings said the negative outlook on Adani Green reflects the risks regarding the terms of refinancing upcoming debt maturities, interest
