S&P puts Adani Green on watch

S&P said it placed its preliminary BBB- long-term issue rating on Adani Green Energy Ltd Restricted Group 2’s senior secured notes on CreditWatch with negative implications.

“The pandemic could weaken the credit profiles of AGEL RG2’s offtakers, including Solar Energy Corp. of India (SECI). This is because the fiscal positions of India’s central and state governments supporting central and state utilities are under pressure,” S&P said in a press release.

AGEL RG2 consists of three operating entities, namely Wardha Solar (Maharashtra) Private Ltd., Kodangal Solar Park Private Ltd. and Adani Renewable Energy (RJ) Ltd. These three entities are the co-issuers and co-guarantors of the $362.5 million senior secured fixed-rate 20-year bond.

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