Moody’s gives Baa3 to Adani Ports bonds

Moody's Investors Service said it assigned a Baa3 rating to the proposed senior unsecured bonds of Adani Ports and Special Economic Zone Ltd.

The issuer rating and the rating of its existing $650 million and $500 million senior unsecured bonds remain at Baa3.

The outlook is stable.

Adani Ports will apply the proceeds for capital expenditure and repayment of existing foreign currency commercial borrowings.

The bonds will represent a senior unsecured obligation and will rank equally with all of Adani Ports’ existing and future unsecured and unsubordinated debt.

Moody’s said the Baa3 issuer rating primarily reflects the company's strong market position as the largest port developer and operator in India by cargo volume, and the strength of its landmark Mundra Port concession in Gujarat.

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