You are here: Home » Companies ¬Ľ News
WeWork India makes its first investment in Bengaluru-based Zoapi
Manipal Health may launch IPO after deal to buy AMRI Hospitals
Business Standard

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

S&P global Ratings | Adani Transmission | S&P

Alex Gabriel Simon | Bloomberg 

Photo: Bloomberg
Photo: Bloomberg

Global Ratings withdrew its rating for 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, 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.

In a rebuttal to CreditSights, termed the leverage ratios of its “healthy.”

The conglomerate is in advanced talks with the infrastructure-focused Jaiprakash Group to buy their cement business for about 50 billion rupees ($607 million), Bloomberg reported earlier this week, citing people familiar with the matter.

A spokesman for didn’t immediately comment when contacted by Bloomberg on Thursday to find out about the reasons for the withdrawal request.

still rates and Special Economic Zone Ltd. at BBB- with a stable outlook, according to a spokesman.

Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Thu, October 13 2022. 12:30 IST