Moody's retains negative outlook for 2 Adani Green bonds on US probe concern
This story was originally published at 16:17 IST on 17 July 2025
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NEW DELHI – Moody's Ratings Thursday affirmed its 'Ba1' rating on two bonds issued by a renewable energy company Adani Green Energy Ltd. However, the agency maintained a negative outlook on both bonds, citing the recent indictment of Adani Green Chairman Gautam Adani and two senior executives by the US Attorney's Office in a criminal case, as well as civil charges filed by the US Securities and Exchange Commission.
The two bonds are Adani Green Energy Restricted Ltd Group (RG-1) and Adani Green Energy Limited Restricted Group (RG-2). "The negative outlook factors in uncertainty regarding any legal proceedings that may arise from the indictment, which was made in November last year," Moody's said in a press release.
While the two bonds are not exposed to any refinancing risk, they could face potential governance weaknesses which could arise from negative findings in the two cases. Adani Green's management has confirmed there have not been any material disruptions in their operations due to the indictment, Moody's said.
The RG-1 bonds comprise Adani Green Energy (UP) Ltd., Parampujya Solar Energy Pvt. Ltd., and Prayatna Developers Pvt. Ltd. RG-2 bonds comprise Wardha Solar (Maharashtra) Pvt. Ltd., Kodangal Solar Parks Pvt. Ltd., and Adani Renewable Energy (Rj) Ltd.
Moody's affirmed a 'Ba1' rating on the two bonds due to predictable revenues from diversified set of projects in India which operate under long-term power purchase agreement with fixed tariffs.
Adani Green had reported a consolidated net profit of INR 2.30 billion for the March quarter on revenue of INR 30.73 billion. On Thursday, its shares closed 1.1% higher at INR 1,050.10 on the National Stock Exchange. End
Reported by Anand JC
Edited by Subhojit Sarkar
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