Adani Power Limited (APL) has received upgraded credit ratings from CARE Ratings. The agency upgraded the company’s long-term bank facilities and non-convertible debentures to CARE AA+; Stable. This upgrade reflects APL’s sustained strong financial and operational performance, diversified operating portfolio, and improved fuel security. The enhanced ratings are expected to support the company’s future financing activities.
CARE Ratings Upgrades Adani Power Facilities
Adani Power Limited (APL) has announced that CARE Ratings has upgraded its credit ratings for key financial instruments. This development signifies a positive assessment of the company’s financial standing and operational performance by the rating agency.
Details of Rating Upgrades
The credit ratings for APL’s long-term bank facilities have been upgraded to CARE AA+; Stable. Additionally, the ratings for its long term / short term bank facilities are now rated CARE AA+; Stable / CARE A1+. The credit rating assigned to APL’s Non-Convertible Debentures has also been upgraded to AA+; Stable.
Total Rated Facilities
The combined value of the rated facilities amounts to ₹90,500.00 crore. This includes ₹52,950.00 crore for Long Term Bank Facilities, ₹15,050.00 crore for Long Term (LT) / Short Term (ST) Bank Facilities, and ₹11,000 crore and ₹11,500.00 crore for Non-Convertible Debentures respectively.
Factors Driving the Upgrade
CARE Ratings cited APL’s sustained strong financial and operational performance, alongside its robust market position with a diversified operating portfolio, as key drivers for the upgrade. The presence of long-term Power Purchase Agreements (PPAs) providing strong revenue visibility, improved fuel security, sustained strong cash flow generation, a strengthened capital structure, and a comfortable liquidity profile were also highlighted as significant contributing factors.
Source: BSE
