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S&P lifts Adani Ports view to stable
S&P said it revised the outlook on the BBB- long-term corporate credit rating on Adani Ports and Special Economic Zone Ltd. (APSEZ) to stable from negative.
The agency also said it affirmed the long-term corporate credit rating and BBB- issue rating on the company's senior unsecured notes.
The outlook revision reflects an expectation that Adani will sustain its improved operating performance, supported by healthy revenue growth, strong EBITDA margins and a commitment to maintaining a ratio of funds from operations-to-debt of 15% to 20%, S&P said.
The company is expected to maintain its improved operating performance, aided by low- to mid-teen revenue growth and EBITDA margins of about 63% to 65%, the agency said.
S&P also said it understands that the company's management is committed to prevent a recurrence of incidences, such as a sharp increase in related party loans in fiscal 2016.
This is important to ensure that the company remains insulated from the credit quality of the Adani group, the agency said.
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