CORRECTED - Adani Ports gains; ICRA upgrades JV's debt rating

(Corrects to clarify ICRA's debt downgrade was on Adani Ports' joint venture, not Adani Ports itself)

Reuters Market Eye - Adani Ports and Special Economic Zone Ltd shares gain 3 percent after domestic rating agency ICRA upgraded the long-term debt rating of the company's joint venture Adani Petronet (Dahej) Port Pvt Ltd to "BBB-plus" from "BBB," citing a "strong" ramp-up in cargo volumes this fiscal year.

ICRA says the joint venture continues to benefit from mechanisation and adequate back-up facility.

"The positive outlook factors in ICRA's expectation that the company's cargo volumes would continue to show healthy growth in the near term notwithstanding weak macro-economic environment, because of its competitive position," ICRA said.

 

(By Abhishek Vishnoi)