S&P Global withdraws rating of Adani Transmission at firm's request

S&P Global Ratings withdrew its rating for Adani Transmission Ltd., ending an assessment of barely investment grade at the company’s request. 
 

The withdrawal of the BBB- rating follows a restructuring at the company, part of the conglomerate of Gautam Adani, Asia’s richest man. The revamp didn’t weaken the protection for bondholders, S&P said. 

The shift comes just a few weeks after a report by CreditSights, which called the group “deeply overleveraged.” The research firm later revised its label, though stuck to its main conclusion that the conglomerate, which owns India’s largest private-sector port and airport operator, has too much debt.