S&P cuts Adani Abbot Point

S&P said it downgraded Adani Abbot Point Terminal Pty Ltd. to BB+ from BBB- and placed the ratings on CreditWatch with negative implications.

The CreditWatch with negative implications reflects heightened liquidity risks pending repayment of the May 2020 maturity. Although Adani issued a prepayment notice for April 17, to holders of the A$100 million notes due May 2020, this money is not yet in a secure account and the nature of the funding is unknown, the agency said.

“We may remove the rating from CreditWatch upon repayment of the bonds on April 17 as per the terms of the prepayment notice. Any change in the rating will also take into account the project's steps to address the November 2020 maturity,” S&P said in a press release.

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