Fitch removed Adani Energy from rating monitoring
New Delhi:
Fitch Ratings have removed the energy infrastructure company Adani Energy Solutions Limited (AESL) from its ‘rating monitoring negative’ list. This is the first time after the commencement of a lawsuit related to Adani in the US, when an international rating agency has improved the company’s rating.
Fitch has retained AESL’s long-term foreign and local-currency issuer default rating (IDR) on ‘BBB-‘.
A statement said that the credibility of the company has been changed to ‘rating monitoring negative’ to ‘negative scenario’.
Fitch said, “We believe that the risks related to the liquidity and funding needs of the group have reduced.”
The statement said that it will continue to monitor any evidence of the rule of the institutions and any evidence of weakness in internal control and the impact on the financial flexibility of AESL.
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