Adani Enterprises long-term credit rating upgraded to AA by CARE
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CARE Ratings has upgraded Adani Enterprises long-term credit rating from AA minus Stable to AA Stable, described as the highest ever in the companys history. The upgrade covers long term and short term bank facilities of Rs 16,505 crore, long term bank facilities of Rs 4,000 crore, and non-convertible debentures of Rs 954.96 crore. Short term facilities and commercial paper of Rs 2,000 crore were reaffirmed at A1 plus. AEL says the upgrade reflects disciplined capital management and fiscal prudence.
Positive for shareholders. Stronger credit profile may lower borrowing costs, improve investor confidence, and support the stock.