Fitch Ratings affirms Adani Ports rating at 'BBB-'; outlook stable

Hindenburg report allegations have limited near term impact

Fitch Ratings has affirmed Adani Ports and Special Economic Zone Limited's (APSEZ) long-term foreign-currency issuer default rating (IDR) at 'BBB-'. 

This development reflects view that the Hindenburg report alleging governance issues at the Adani group has a limited near-term impact on APSEZ's cost of funding and access at the current rating level, Fitch said. 

"We expect APSEZ's financial flexibility to remain supported by its robust portfolio of seaports, which comprises strategically located assets with best-in-class operational efficiency and an adequate liquidity position", it added.

The outlook is stable.

APSEZ's internal cash surplus is sufficient to cover its near-term operations and debt obligations