Moody's downgrades ratings of four Adani companies

Mumbai: Moody’s Investors Service on Friday downgraded the outlook on four out of the eight Adani Group companies from stable to negative, media reports said.

IBNS • 11 Feb 2023, 01:10 am

Moody's downgrades ratings of four Adani companies

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However, the ratings agency retained the outlook for the other four companies, according to reports

The agency affirmed the ratings for all eight, as the fallout from US short-seller Hindenburg Research’s allegations of fraud continues to lash the ports to energy and edible oils firm.

“These rating actions follow the significant and rapid decline in the market equity values of the Adani Group companies following the recent release of a report from a short-seller highlighting governance concerns in the group," Moody’s said in a statement.

Adani Green Energy, Adani Green Energy Restricted Group 1, Adani Transmission Step-One, and Adani Electricity Mumbai are the four companies which have suffered an outlook change to “negative" from “stable", a Mint report said.