Fitch rates Adani Ports notes BBB-

Fitch Ratings said it assigned Adani Ports and Special Economic Zone Ltd.'s (BBB-/stable) proposed $650 million senior notes an expected rating of BBB- with a stable outlook.

The proceeds will be primarily used for redeeming existing dollar notes due 2020.

“Apsez has spare capacity and can fund its large capex plan from operational cash flow,” Fitch said in a news release.

“Its debt structure is corporate-like, with spread out bullet maturities.”

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