Fitch removes Adani Abbot from watch

Fitch Ratings said it affirmed the BB+ ratings on Adani Abbot Point Terminal Pty. Ltd.’s senior secured debt. The agency removed the ratings from rating watch negative.

These actions reflect the resolution of the refinancing requirements in 2020 and Fitch’s assessment that the company is managing the September 2021 debt maturity, the agency said.

“AAPT refinanced the May 2020 maturity by way of subordinated shareholder loans from its shareholder and has secured similar funding to repay the debt maturing in November 2020. The financing options are limited by lenders’ increasing concerns relating to ESG considerations over coal assets, compounding the structural refinancing risk of AAPT’s bullet debt maturities,” Fitch said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.