S&P: Adani Ports bond BBB-

S&P said it assigned a BBB- long-term issue rating to a proposed bond issuance by Adani Ports and Special Economic Zone Ltd.

The proceeds will be used to refinance existing rupee loans, for external commercial borrowings and for planned capital expenditure, S&P said.

The agency said the company’s mid-teens revenue growth and healthy EBITDA margins of more than 60% for the half-year ended September 2016 can reduce pressure on its long-term corporate credit rating.

The operating performance of the company in the second half of fiscal 2017 and corporate actions by Adani Ports will provide greater clarity on the likelihood of the company sustaining these financial metrics, S&P said.

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