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Moody’s changes Adani Abbot view
Moody's Investors Service said it revised the outlook on Adani Abbot Point Terminal Pty Ltd.'s to positive from stable and affirmed the Ba2 senior secured ratings.
"The positive outlook reflects our expectation that supportive operating conditions for mining companies –particularly those producing metallurgical coal – should underpin their demand for AAPT's export capacity over the next few years," Arnon Musiker, Moody's senior vice president, said in a news release.
The agency said Adani Abbot’s rating incorporates its exposure to both thermal and metallurgical coal producers, with the latter accounting for the majority of currently contracted throughput.
Moody's said it believes that prospects for metallurgical coal remain solid, given the absence of viable alternatives for steel production, but that thermal coal will remain subject to longer-term structural challenges posed by the transition to lower emission generation.
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