Moody's Investors Service has today revised the outlook on Adani Transmission Limited's (ATL) rating to stable from negative.
At the same time, Moody's has affirmed ATL's Baa3 senior secured bond ratings. ATL, based in Ahmedabad, is the largest private-sector participant in India's power transmission market.
Ratings Rationale
"The change in ATL's outlook to stable reflects the expected improvement in the company's financial position over the next 12-18 months, underpinned by incremental earnings contributions from the Mumbai integrated utility business acquired last year and recently completed greenfield projects," says Spencer Ng, a Moody's Vice President and senior analyst.
"The change in outlook also considers the partial equity credit ascribed to subordinated loans from its promoter, after factoring in recent changes made to the terms of these instruments," adds Ng."
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