Fitch says no immediate impact on Adani ratings after Hindenburg report

Ratings agency Fitch said on Friday it saw no immediate impact on its ratings of Adani Group entities and their securities, following U.S. short-seller Hindenburg Research’s report last week.

Hindenburg‘s scathing attack on the conglomerate questioned the firm’s debt levels and use of tax havens, but the Group has called the report baseless and affirmed its financials are strong. “Our ongoing monitoring will be looking closely at any major changes to the rated entities’ access to financing or cost of financing on a long-term basis, unfavourable regulatory/legal developments or ESG-related matters that could affect credit profiles,” the ratings agency said in a report.