S&P gives BBB- to Adani Ports notes

S&P said it assigned its BBB- long-term issue rating to proposed senior unsecured notes by Adani Ports and Special Economic Zone Ltd. (BBB-/stable/--).

The US$750 million issuance will be used to fund capital expenditure and is within S&P’s base case at the current rating level on the company, S&P said.

“We expect the India-based port operator to maintain a ratio of funds from operations (FFO) to debt of 15%-20% over the next two to three years, despite its aggressive growth appetite and shareholder distributions,” S&P said in a news release.

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