 "A worker is silhouetted against the setting sun while installing an overhead electric cable pole on the banks of river Ganges, Allahabad")
According to ATL's filing on BSE, the Standard & Poors Rating Services assigned its preliminary 'BBB-' long-term corporate credit rating with stable outlook, while Fitch Ratings published ATL's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BBB-' with a stable outlook.
"Fitch has also assigned the Company's proposed Indian rupee-denominated senior secured notes payable in US dollars an expected rating of BBB-(emr)(EXP)'. The Company is the first private sector player to get a Global Investment Grade rating in the Indian power sector," ATL stated in its filing on BSE.
On the other hand, Moody's Investors Service too assigned a first-time provisional (P) Baa3 rating to Adani Transmission Limited's proposed senior secured bond, to be denominated in Indian Rupee with a stable outlook.
ATL will apply the proceeds of the proposed bond issuance to partially refinance existing bank loan facilities. It needs to be mentioned here that while notes provide for coupon payments and settlement in US dollar at prevailing exchange rates, the same is subject to transfer and convertibility risk on exchange operations involving the Indian rupee.
