Fitch gives 'stable' outlook to Adani Ports

Credit rating agency Fitch on Friday assigned a stable outlook to Adani Ports and Special Economic Zone (APSEZ).

New Delhi: Credit rating agency Fitch on Friday assigned a stable outlook to Adani Ports and Special Economic Zone (APSEZ).

Fitch Ratings has assigned APSEZ a final long-term Foreign Currency Issuer Default Rating (IDR) of 'BBB-'. The outlook is stable, it said in statement.

"The agency has also assigned APSEZ a final senior unsecured rating of 'BBB-' and assigned the company's USD 650 million 3.5 percent senior unsecured notes due 2020 a final rating of 'BBB-'," it said.

APSEZ had earlier raised USD 650 million (around Rs 4,100 crore) via its debut dollar bond issue and the proceeds will be used to refinance foreign currency-denominated debt and fund capital expenditure.

In a BSE filing, APSEZ had said: "It has priced a Rule 144A/Regulation S offering of USD 650 million 3.5 percent senior unsecured notes due 2020."

It further said: "The use of proceeds is to refinance foreign currency-denominated external commercial borrowings and fund capital expenditure."

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