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Moody’s rates Adani Transmission bond Baa3
Moody's Investors Service said it assigned a provisional Baa3 rating to Adani Transmission Ltd.’s (ATL) proposed senior secured bond, to be denominated in Indian rupee.
The outlook is stable.
Proceeds will be used to partially refinance existing bank loan facilities.
"The (P)Baa3 rating primarily reflects ATL's regulated business to operate transmission lines of approx. 5,000 circuit kilometers, mostly in Central and Western regions of India" Moody's vice president and senior analyst Abhishek Tyagi said in a news release.
Adani’s regulated transmission business is underpinned by stable and predictable cash flows that are generated based on pre-determined regulated returns. Such returns support the Baa3 rating and stable outlook, the agency said.
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