From Investing.com: 2024-11-22 00:36:06

S&P Global Ratings downgraded outlook on three Adani Group entities to ‘negative’ due to risks to funding access post U.S. indictment of founder Gautam Adani on bribery charges. Adani and seven others indicted for fraud in $265 million scheme. Group denies allegations and plans legal action.

U.S. indictment could impact investor confidence in Adani Group entities, affecting funding access and increasing costs. S&P warns of potential group limits on exposure from banks and bond investors. Adani Green Energy unit linked to allegations also downgraded to ‘negative’.

Cash flows of group entities expected to suffer due to funding access weakness. Adani Group bonds and stocks dropped for second session post indictment. Adani and Adani Ports outlook also lowered to ‘negative’. Ratings may drop further if allegations are proven true.



Read more at Investing.com: S&P lowers outlook on three Adani units after US indictment of founder By Reuters