Mumbai, June 25 -- Global ratings agency S&P Global Ratings officially announced on Thursday that it has upgraded Adani Ports and Special Economic Zone Ltd's (APSEZ) long-term issuer credit rating to 'BBB' from 'BBB-', citing the company's robust operating cash flows, improving balance sheet and ability to fund an aggressive expansion pipeline, without weakening its financial profile.
The global ratings agency also upgraded the rating on Adani Ports' senior unsecured notes (bonds) to 'BBB' and assigned a stable outlook, reflecting its expectation that the company will maintain a net debt-to-EBITDA ratio of around 2.6 times over the next 12 to 24 months despite elevated capital expenditure.
S&P stated that it expects earnings growth to be ...