Fitch, S&P and Moody’s reverse negative outlooks, issue multiple upgrades for Adani Group entities

The Adani Group has reported a series of positive international rating movements across its portfolio since November 2024, with all portfolio EBITDA now either reaffirmed or upgraded by global rating agencies, according to a company statement. The group attributed the improvements to “continuous engagement, clear and transparent dialogue, and diligent information sharing” with rating agencies. Advertisement

The update comes after S&P, Moody’s and Fitch placed several Adani entities on negative outlook or rating watch negative in late November, following the indictment of senior executives linked to group companies.

S&P moved APSEZ, AEML and AGEL RG2 to Negative Outlook on November 21, while Moody’s followed on November 26 with negative outlooks for restricted groups of AGEL, AESL, AEM