Fitch affirms Adani Energy Solutions' ratings with ‘Stable’ outlook

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Key Points

Ratings agency Fitch has kept Adani Energy Solutions' ratings unchanged with a Stable outlook over the company's steady operating performance...

Fitch has affirmed the 'BBB-' ratings on the $400-million senior secured notes issued by Adani Energy Solutions, formerly Adani Transmission...

The credit assessment of the company reflects project companies' availability-based revenue under a supportive regulatory framework and the projects' low technical complexity, reflected in high availability levels...

Fitch projects an average debt-service coverage ratio (DSCR) of 1.48x, with a profile DSCR of 1.30x between the financial years ending FY27 and FY33 under its rating case.. The company's financial profile is stronger than in proportion with a 'BBB-' rating, Fitch said but the credit assessment is constrained by India's 'BBB-' country ceiling...

In the recent third quarter, Adani Energy's revenue jumped 19% year-on-year to Rs 3,615 crore, boosted by newly commissioned transmission lines and a rise in energy consumption in the Mumbai distribution business..

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