From Adani Green to Adani Power: All 10 stocks of Adani Group are rising*, aour portfolio too?
**Fitch ratings stable for four Adani Group companies, removes negative outlook**
New Delhi, March 12 (ANI): Fitch Ratings has upgraded the ratings of four infrastructure companies of the Adani Group, changing their outlook to ‘stable’ from ‘negative’. However, their rating has been retained at ‘BBB-‘.
The companies whose ratings have been updated are:
– **Adani Green Energy Limited (AGEL)**
– **Adani International Container Terminal Private Limited (AICTPL)**
– **Adani Green Energy Limited Restricted Group 2 (AGEL RG2)**
– **Adani Energy Solutions Limited Restricted Group (AESL RG)**
Fitch has removed **Rating Watch Negative (RWN)** on these companies and reviewed the ratings of two other Adani Group companies:
– **Mumbai International Airport Limited (MIAL)** – It has been placed on Negative Outlook with a ‘BB+’ rating.
– **North Queensland Export Terminal Private Limited (NQXT)** – Its rating remains ‘BB+’, but the outlook has been kept stable.
### Why was this decision taken?
Fitch has made this change in view of the improved funding position of the Adani Group. The report said that some board members of Adani Green Energy Solutions were convicted by a US court on November 20, 2024, but despite this the group has maintained its strong financial position.
According to Fitch, the group’s **liquidity (cash flow) and funding needs are now stabilizing.** An example of this is **NQXT’s successful refinancing of 329 million Australian dollars term loan**, which was due in June 2025.
In addition, **AGEL has also refinanced its $1.1 billion construction-linked funding**, which was due in March 2025.
### What does the report say?
– **AGEL RG1, AGEL RG2, AESL RG and AICTPL** have received stable outlook, indicating that the US investigation has not had any serious impact on them.
– The group’s **bond security structure remains strong**, providing protection to investors.
– Adani Group has renewed hedging contracts without increasing additional costs and continues to raise funding.
### Why is Mumbai International Airport Limited (MIAL) under negative outlook?
MIAL has been placed in the negative category due to **near and medium-term funding needs**. In the next few years (FY25-FY29), the company plans to make **large-scale capital expenditure for the reconstruction and capacity expansion of Terminal 1**.
Fitch will continue to monitor whether the US investigation has any adverse impact on MIAL’s financial position.
