Adani Power’s rating lowered on delay in ECB refinancing

New Delhi, Aug 12: CARE has lowered by a notch its rating on Adani Power's long-ter m bank facilities on account of delays in refinancing of its external commercial borrowings (ECBs) and consequent adverse impact on its debt coverage indicators.

“Credit Analysis & Research (CARE) has revised its ratings...for long-ter m bank facilities (rupee ter m loan-phase IV) from CARE A- to CARE BBB+,” Adani Power said in a filing with the BSE.

CARE BBB+ rating corresponds to investment grade.

CARE Ratings has also revised its ratings for other longter m bank facilities, from BBB to BBB-. “The reasons as stated by rating agency for such revised/downward rating (are)...delay in refinancing of its external commercial borrowings (ECBs) than previously envisaged and consequent adverse impact on its debt coverage indicators,” the filing said. PTI