Moody’s has rated Adani Electricity’s bond buyback programme as credit positive but given it a negative outlook.
Spencer Ng, Vice President – Senior Credit Officer, Moody’s Investors Service commented, “Completion of Adani Electricity Mumbai Ltd.’s $120 million cash-funded bond buyback is credit positive because it gives the company more financial flexibility. Despite this, the potential impact from higher financing costs over the next 12-18 months associated with its planned capital spending remains a key part of our consideration for the company’s negative outlook.”
