S&P rates Adani Green Energy Ltd notes BBB-

S&P said it assigned a preliminary BBB- rating to Adani Green Energy Ltd. Restricted Group 2’s proposed $362.5 million senior secured fixed-rate 20-year bond to primarily refinance the group member’s loans and for capital expenditure requirements.

The group is composed of India-based Wardha Solar (Maharashtra) Pte Ltd., Kodangal Solar Parks Pte Ltd., and Adani Renewable Energy (RJ) Ltd.

“On Oct. 3, 2019, we assigned our preliminary BBB- long-term issue rating to the proposed bond, reflecting AGEL RG2’s minimum debt service coverage ratio (DSCR) of 1.34x and predictability of a majority of its contracted cash flows,” said S&P in a press release.

The outlook is stable.

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