The long term bank facilities of Rs14,703.32cr has been reaffirmed to CARE A with stable outlook and short term ratings of Rs50cr has been reaffirmed to CARE A1.
According to the Rationale report, the ratings assigned to the principal protected market linked debenture (MLD) issue, non-convertible debenture (NCD) issue and bank facilities of AEL have been removed from ‘Credit watch with developing implications’ in view of receipt of clarity regarding extent of impact on the credit profile AEL due to proposed acquisition of 74% stake in Mumbai International Airport Limited (MIAL).
The ratings continue to derive strength from vast experience of its promoters in various businesses, diversified and synergetic operations of the Adani Group, leading position of AEL in the integrated resource management (IRM) business in India.
The ratings also factor in receipt of final environmental clearance for AEL’s Australian coal mining project, takeover of the operations of three out of six airports awarded to AEL and signing of concession agreements for balance three airports along with appointment of senior experienced professionals and reputed consulting firms to help augment its capabilities specific to the airports operations business.
Adani Enterprises was trading at Rs1,228.95 per piece up by Rs90.75 or 7.97% on Sensex, at around 3:05 PM.