Moody’s gives Adani Transmission bonds Baa3

Moody's Investors Service said it assigned a provisional Baa3 rating to Adani Transmission Ltd.’s proposed dollar-denominated senior secured bonds and to the Indian rupee-denominated senior secured bonds.

The outlook is stable.

Adani will apply the proceeds to partially refinance existing bank loan facilities.

The provisional Baa3 rating assigned in March to the senior secured notes denominated in Indian rupee, was withdrawn.

"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.

The company’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 provisional Baa3 rating and stable outlook, the agency said.

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