Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
18 February, 2018 13:47 IST
ICRA upgrades outlook of Adani Ports to 'Stable'
Source: IRIS | 28 Feb, 2017, 08.52AM
Comments  |  Post Comment

ICRA has reaffirmed the long term rating on the Rs 100.20 billion bank facilities and Rs 53.34 billion (reduced from Rs 68.84 billion) Non Convertible Debenture Programme of Adani Ports and Special Economic Zone (APSEZL) at [ICRA]AA+ (pronounced ICRA double A plus). The outlook on the long term rating has been revised to 'Stable' from 'Negative'.
 
ICRA has withdrawn the [ICRA]AA+ rating assigned to the Rs 15.50 billion Non Convertible Debenture Programme of Adani Ports (Q,N,C,F)* and SEZ. ICRA has also reaffirmed the short term rating of [ICRA]A1+ (pronounced as ICRA A one plus) on the Rs 67 billion Commercial Paper programme/short term debt programme of APSEZL.

The revision in outlook reflects the anticipated strengthening of credit metrics on account of significant reduction in advances to related/unrelated parties as well as the healthy growth in overall cargo volumes supported by container and liquid cargo volumes which now form over 60% of the total cargo throughput.

The revision in outlook further takes into account the bond covenants restricting the company from entering into any related party transactions other than those undertaken for permitted business and as undertaken in the ordinary course of business as well as the management’s stated intent of winding down remaining related party loans & advances partly by March 2017 and entirely by December 2017.

Shares of the company declined Rs 0.7, or 0.24%, to settle at Rs 296.75. The total volume of shares settled was 202,987 at the BSE (Monday).

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Company Update
BHEL commissions 18 MW hydro-electric project in Punjab - 16-Feb-2018 13:33
Reliance Communication update on asset monetization - 16-Feb-2018 12:06
8K Miles Software launches blockchain platform 8K Health Edge - 16-Feb-2018 10:16
Mahindra Group to invest Rs 1.76 bn in Zoomcar - 16-Feb-2018 10:06
Larsen & Toubro bags orders worth Rs 15.85 bn - 15-Feb-2018 13:11
Rajesh Exports wins export order worth Rs 8.73 bn - 15-Feb-2018 12:36
Torrent Power secures wind power projects worth 499.8 MW - 15-Feb-2018 10:09
Torrent Power signs agreement with Siemens Gamesa Renewable Power - 15-Feb-2018 10:08
Zee Learn inks pact to invest Rs 2 bn in MT Educare - 15-Feb-2018 10:01
Zee Learn inks pact to invest Rs 2 bn in MT Educare - 15-Feb-2018 10:01
Yes Banks announces listing of its debut USD 600 mn MTN Bond - 15-Feb-2018 09:48
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer