India Ratings and Research (Ind-Ra) has affirmed Adani Green Energy Limited’s (AGEL) Long-Term Issuer Rating at ‘IND A+’. The Outlook is Stable.
Ind-Ra continues to take a consolidated view of AGEL and its subsidiaries and has analysed the cash flow upstreaming available to AGEL from its subsidiaries while arriving at the ratings.
As per rating rationale, the ratings factor in the market leadership of AGEL in renewable asset development, a strong execution track record and capability, an improvement in counterparty profile and the access to funding lines for undertaking large capex pipeline; however, the ratings are constrained by the large debt funded capex and higher-than-industry average leverage profile.
At around 11:38 AM, Adani Green Energy was trading at Rs2,080.05 apiece up by Rs32.25 or 1.57% on the BSE.
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