Fitch upgrades Adani Ports, Adani Energy to ‘Stable’
Global ratings agency believes contagion risk from US investigations eased
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New Delhi: Fitch Ratings has revised its outlook on two Adani group firms, Adani Ports and Special Economic Zone and Adani Energy Solutions, to ‘Stable’ from ‘Negative’, saying the contagion risks across the conglomerate have eased.
Fitch affirmed the two companies’ long-term issuer default ratings at ‘BBB-’. The agency also affirmed the ‘BBB-’ ratings on Adani Electricity Mumbai Ltd’s (AEML) senior secured notes and those issued by Adani Energy Solutions Ltd’s (AESL) subsidiary, Adani Transmission Step-One Ltd. The outlook revisions reflect Fitch’s view that contagion risks across the Adani Group have eased.
The conglomerate has retained access to diversified funding sources despite a November 2024 US indictment involving board members of a group entity, Adani Green Energy Ltd. Fitch also cited a September 2025 ruling by India’s market regulator Sebi, which found no violations of disclosure norms or evidence of market manipulation as alleged in a 2023 short-seller report. Fitch said liquidity and funding remain adequate across both entities, underpinned by robust cash flows and continued investment momentum.
Adani Group firms have raised more than $24 billion from onshore and offshore lenders since late 2024, with AESL alone borrowing $1.8 billion for expansion. The ‘Stable’ outlook reflects “Fitch’s views on easing contagion risk as Adani group has demonstrated access to diversified funding sources, despite the November 2024 US indictment relating to certain board members of a group entity, Adani Green Energy Limited,” the rating agency said in a note.
