Moody’s downgrades outlook on seven Adani entities

Moody’s Ratings (Moody’s) downgraded the outlook on seven Adani Group entities to ‘negative’ from ‘stable’ on Tuesday. The move follows the indictment of Adani Group Chairman Gautam Adani and others on charges of bribery by US authorities.

Moody’s expressed concerns that the legal proceedings could potentially weaken the group’s access to funding and increase its capital costs. Moody’s affirmed ratings for seven entities, including Adani Ports and Special Economic Zone Limited (APSE.NS) and two groups of Adani Green Energy (ADNA.NS).

Attribution: Reuters

Subediting: M. S. Salama