S&P affirms Adani International Container Terminal's issue rating at 'BBB-'

S&P said AICTPL's debt is fully secured and has cash flow waterfalls that prioritise operating expenditure and debt service over distributions

Standard and Poor’s (S&P) has affirmed Adani International Container Terminal Pte Ltd’s (AICTPL’s) issue rating at “BBB-”. This comes as revision in norms does not affect the credit profile of the entity.

On December 14, 2022, S&P Global Ratings had published revised criteria for rating project finance transactions. The criteria update does not affect our assessment of the credit profile of AICTPL, the rating agency said in a statement.

Mundra-based AICTPL is a 50:50 joint venture between Adani Ports and Special Economic Zone (APSEZ) and Terminal Investment (TIL). 

AICTPL is a container terminal operator in Gujarat. The joint venture was