Adani Enterprises on Wednesday said that its long-term rating has been upgraded to AA Stable, the highest-ever rating in its credit history. The company said the upgrade serves as an independent validation of AEL’s disciplined capital management and tight fiscal prudence.
“AEL has constantly strengthened its credit profile over the last seven years while executing an ever-increasing core infrastructure-led capex. AEL’s stronger credit profile further enhances the resilience of its unique incubation platform and assures long-term value for its stakeholders.”
According to the regulatory filing, CARE Ratings has provided a credit rating update for various facilities and instruments of Adani Enterprises Limited. The rating on long-term bank facilities worth ₹4,000 crore was upgraded from CARE AA- to Stable to CARE AA- Stable.
Additionally, the rating on long-term/short-term bank facilities worth ₹16,505 crore was upgraded from CARE AA-Stable to CARE A1+ to CARE AA-Stable / CARE A1+, reflecting an upgrade in the long-term rating.
Similarly, the long-term ratings on Non-Convertible Debentures (NCDs) across three tranches of ₹954.96 crore, ₹2,000 crore, and ₹3,000 crore were upgraded from CARE AA- to Stable. Meanwhile, the ratings on short-term bank facilities worth ₹240 crore and commercial paper worth ₹2,000 crore were reaffirmed at CARE A1+.