Moody’s rates Adani Ports, bond Baa3

Moody's Investors Service said it assigned a provisional Baa3 issuer rating to Adani Ports and Special Economic Zone Ltd. (Apsez) and a provisional Baa3 rating to its proposed dollar-denominated senior unsecured bond.

The outlook is stable.

Proceeds will be used to partially refinance existing bank term loan facilities and for capital expenditure.

The proposed bond will represent a senior unsecured obligation.

"The (P)Baa3 rating primarily reflects Apsez’s strong market position as the largest port developer and operator by cargo volume in India, and the strength of its landmark Mundra Port concession in Gujarat," Moody's vice president and senior analyst Abhishek Tyagi said in a news release. "We expect Mundra Port to continue generating the bulk of Apsez’s operating cashflow over the next few years."

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