Moody’s maintains ratings of 8 Adani cos, changes outlook on 4 to negative

Moody’s Investors Service on Friday confirmed the ratings of eight Adani Group companies, but changed the outlook on four to ‘negative’ from ‘stable’, the rating agency said. It retained the ‘stable’ outlook for the other four firms.

Moody’s said Adani Green Energy’s (AGEL’s) Ba3 rating was affirmed, but outlook changed to ‘negative’ from ‘stable’. The Ba2 ratings of Adani Green Energy’s group firms – Adani Green Energy (UP), Parampujya Solar Energy, and Prayatna Developers – were also affirmed, but outlook changed to ‘negative’ from ‘stable’. Similar was the case with Adani Transmission Step-One’s Baa3 rating, which was affirmed, but its outlook was changed to ‘negative’ from ‘stable’.