Fitch places some Adani bonds on negative watch after U.S. bribery charges

Representational representation of the Adani Group logo | Photo Credit: Reuters

Ratings bureau Fitch has enactment immoderate of Adani Group's bonds connected ticker for a imaginable downgrade aft immoderate of the firm's cardinal executives were indicted by U.S. authorities connected bribery charges.

Adani Energy Solutions Ltd, Adani Electricity Mumbai and immoderate of Adani Ports and Special Economic Zone rupee and dollar bonds are present connected "watch negative", Fitch said.

Ratings connected 4 Adani subsidiary elder unsecured dollar bonds were downgraded from unchangeable to negative, the bureau said.

Fitch said it would show the U.S. probe for immoderate interaction connected Adani's fiscal position, "particularly immoderate worldly deterioration successful near- to medium-term backing access, including their quality to rotation implicit existing recognition lines oregon entree caller facilities, arsenic good arsenic perchance higher recognition spreads".

TotalEnergies to halt fiscal contribution

French lipid large TotalEnergies said connected Monday (November 25, 2024) it would halt fiscal contributions to its Adani Group investments pursuing past week's indictment.

U.S. prosecutors person charged billionaire Gautam Adani, laminitis of the Adani Group, and 7 others for their alleged roles successful a $265 cardinal strategy to bribe Indian officials to unafraid power-supply deals.

The Adani Group has said the accusations arsenic good arsenic those levelled by the U.S. Securities and Exchange Commission successful a parallel civilian lawsuit were "baseless and denied" and that it would "seek each imaginable ineligible recourse".

Adani dollar bonds steadied connected Tuesday and prices roseate somewhat aft 3 days of dense falls.

Prices connected immoderate of the much liquid Adani Ports and Special Economic Zone debts maturing betwixt 2027 and 2041 were up betwixt fractional a cent and 1.5 cents connected the dollar. They person fallen astir 8-12 cents since quality of the indictment.

Published - November 26, 2024 09:12 americium IST