CARE Ratings Upgrades Adani Power’s Debt Ratings to ‘CARE AA+ Stable
Adani Power Receives Credit Rating Upgrade
Adani Power Limited has announced that CARE Ratings has upgraded the credit ratings of its long-term bank facilities and non-convertible debentures. The rating action was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The upgrade reflects the company's sustained financial and operational performance, strong market position, diversified operating portfolio and presence of long-term power purchase agreements (PPAs) that provide revenue visibility.
Adani Power Rating Action
CARE Ratings upgraded the rating for Adani Power's long-term bank facilities to CARE AA+; Stable from CARE AA; Stable.
For the Long Term/Short Term Bank Facilities, the long-term rating was upgraded to CARE AA+; Stable, while the short-term rating was reaffirmed at CARE A1+.
The rating for the company's non-convertible debentures was also upgraded to CARE AA+; Stable from CARE AA; Stable for the existing rated instruments, while the rating was assigned to an additional tranche.
Rationale Behind the Rating Upgrade
CARE Ratings said the upgrade was supported by Adani Power's sustained financial and operational performance, strong market position, diversified operating portfolio and revenue visibility from long-term and medium-term PPAs.
The presence of long-term and medium-term PPAs supports revenue visibility, while improved fuel security and sustained strong cash flow generation support the company's financial position. The rating agency also considered the company's strengthened capital structure and comfortable liquidity profile.
Adani Power Rated Instruments and Facilities
- Long-Term Bank Facilities: Rs 52,950 crore, rated CARE AA+; Stable.
- Long-Term/Short-Term Bank Facilities: Rs 15,050 crore, with the long-term rating at CARE AA+; Stable and short-term rating at CARE A1+.
- Non-Convertible Debentures: Rs 22,500 crore in total, comprising Rs 11,000 crore upgraded to CARE AA+; Stable and Rs 11,500 crore assigned a rating of CARE AA+; Stable.
- Total Rated Facilities: Rs 90,500 crore.
Adani Power Rating Upgrade Highlights
- Long-Term Bank Facilities: Upgraded to CARE AA+; Stable from CARE AA; Stable.
- Long-Term/Short-Term Bank Facilities: Long-term rating upgraded to CARE AA+; Stable; short-term rating reaffirmed at CARE A1+.
- Non-Convertible Debentures: Rating upgraded to CARE AA+; Stable, with an additional tranche assigned the same rating.
- Total Rated Facilities: Rs 90,500 crore.
- Key Factors: Strong financial and operational performance, diversified operating portfolio, long-term PPAs, improved fuel security, strong cash flow generation, strengthened capital structure and comfortable liquidity.
What to Watch Next
- Investors may track further updates on Adani Power's financial and operational performance following the rating upgrade.
- Market participants may monitor the company's debt profile, liquidity position and cash flow generation.
- Investors may also watch for developments related to the company's long-term and medium-term PPAs and fuel security.
- Investors may monitor future rating actions for their implications for the company's financing profile and access to debt markets.
Disclaimer
Investments in the securities market are subject to market risks. Read all related documents carefully before investing. Registration granted by SEBI, and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors. Choice Equity Broking Private Limited: SEBI Reg No. Broking - INZ000160131 ( BSE - 3299 ) | ( NSE - 13773 ) | ( MSEI - 73200 ) | ( MCX - 40585 ) | ( NCDEX - 01006 ). Depository Participant SEBI Reg. No. - IN - DP - 84 - 2015, DP ID CDSL - 12066900, NSDL ID - IN301895. Research Analyst - INH000000222 (CIN. NO.: U65999MH2010PTC198714)
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