Adani companies
Moody's downgrades ratings of four Adani companies
Mumbai: Moody’s Investors Service on Friday downgraded the outlook on four out of the eight Adani Group companies from stable to negative, media reports said.
However, the ratings agency retained the outlook for the other four companies, according to reports
The agency affirmed the ratings for all eight, as the fallout from US short-seller Hindenburg Research’s allegations of fraud continues to lash the ports to energy and edible oils firm.
“These rating actions follow the significant and rapid decline in the market equity values of the Adani Group companies following the recent release of a report from a short-seller highlighting governance concerns in the group," Moody’s said in a statement.
Adani Green Energy, Adani Green Energy Restricted Group 1, Adani Transmission Step-One, and Adani Electricity Mumbai are the four companies which have suffered an outlook change to “negative" from “stable", a Mint report said.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
