S&P ends Adani observation

S&P said it affirmed Adani Green Energy Ltd. Restricted Group 2’s BB+ issue rating and end its under criteria observation status. The outlook is stable.

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

On Dec. 14, the agency published its revised criteria for rating project finance.

“We have completed our review on AGEL RG2. We believe the revised criteria do not impact our assessment of the project's creditworthiness,” S&P said in a press release.

The outlook is stable.

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