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Moody’s changes Adani Transmission to negative
Moody's Investors Service said it revised the outlook on Adani Transmission Ltd.’s Baa3 senior secured rating to negative from stable, following Adani’s announcement of its binding agreement to purchase the integrated energy business for Mumbai from Reliance Infrastructure for Rp 121 billion in cash.
The business to be acquired comprises generation, transmission and distribution assets.
At the same time, the agency affirmed Adani’s Baa3 senior secured rating.
"The change in outlook to negative reflects our expectation that the transaction will likely be predominantly debt-funded, which will materially reduce ATL's financial flexibility," Moody's vice president and senior analyst Abhishek Tyagi said in a news release.
The agency noted that there is currently no equity underwriting in place for the transaction.
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