Breaking News

You are here » Indian-Commodity  :  Corporate  :  ICRA assigns long term rating on Adani Ports' Rs 1,000 crore proposed NCD programme

14-Dec2012

ICRA assigns long term rating on Adani Ports' Rs 1,000 crore proposed NCD programme

ICRA has assigned long term rating of AA- to the Rs 1,000 crore proposed Non Convertible Debenture (NCD) programme of Adani Ports and Special Economic Zone (APSEZL). The outlook on the long term rating is Negative. The NCDs are proposed to be used by the company for refinancing maturing debt and meeting capex and general corporate requirements.

The credit rating agency also has ratings of 'AA-' outstanding on the Rs 4829.96 crore bank limits and the Rs 300 crore (reduced from Rs 1575 crore) Non Convertible Debenture programme of APSEZL, the outlook on which stands revised to Negative from Stable earlier. Meanwhile, the credit rating agency continues to maintain its 'A1+' rating on the Rs 625 crore Commercial Paper programme/short term debt programme of APSEZL.

The ratings continue to reflect the strong business profile of the company's flagship Mundra port which has enabled it to register cargo growth at rates superior to the industry trend even in the midst of challenging market conditions; the company's robust profitability metrics and cash accruals from operations; and the strong upside potential to its cash flows over the medium to longer term from the newly commissioned facilities at Mundra port and projects at SPV level.

Further being a non-major port entity, APSEZL enjoys flexibility of tariff determination for a large part of its port operations as per the current regulatory regime; any changes in that would be an event based rating sensitivity. The ratings are also supported by the fact that most of the company's projects have been/are being executed through SPVs, many of which have been completed and are funded on a project recourse basis.


Related News

View all news

Canadian Crown Corporation selects Hinduja Global's arm to deploy technical support solution

Hinduja Global Solutions' subsidiary -- HGS Canada -- has been selected to deploy and manage a multi-channel customer care and technical support solution for a Canadian Crown Corporation, beginning in......

Inox Wind bags 100 MW order from OSTRO Energy

Inox Wind, India's leading wind energy solutions provider has bagged an order for a 100 MW wind power project at Lahori, in the state of Madhya Pradesh from Ostro Energy. The company will supply and install......

Government of India to infuse Rs 947 crore in Canara Bank

Government of India (GOI) has decided to infuse equity capital of Rs 947 crore in Canara Bank. The board of the bank at a meeting held on August 31, 2015 has approved the proposal of issuing equity shares......

Top News

View all news

HDFC Bank, ITC, Infosys and Syngene International to see some action

HDFC Bank, India's second largest private bank, cut its base rate by 35 basis points to 9.35%, from the existing 9.70 percent, thereby making loans from the bank cheaper. Earlier in June, the bank had......

RBI governor finally buzzes to the demand, hints at rate cut

Reserve Bank of India (RBI) Governor Raghuram Rajan finally hinting for a rate cut has said that inflation has come down to the comfort zone quicker than expected and he is keeping a watch on......

RIL, ONGC and Lupin to see some action

Reliance Industries (RIL), owner of the world's biggest refining complex, imported nearly 25 percent more oil in July compared with the previous month, when it had slowed purchases due to a planned maintenance......