 "Adani, Adani Group")
Fitch Ratings affirmed 'BBB-' rating on Monday for Adani Electricity Mumbai Ltd's (AEML) dollar-denoinated senior secured notes due in 2030.
The affirmation reflects the view that the Hindenburg report alleging governance issues at the Adani group has a limited near-term impact on AEML's cost of funding and access thereof, at the current rating level.
The rating agency said in a statement that high cash-flow visibility from regulated assets, regulator-approved capex and an adequate liquidity position with no major debt maturity till February 2030 further support AMEL's financial flexibility.
“We expect AMEL's credit metrics to have adequate headroom based on our
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