New Delhi: Care Ratings upgraded Adani Ports and Special Economic Zone Limited (APSEZ), a significant profit generator for the Adani Group, to an AAA rating on Tuesday.
CARE Ratings, also known as Credit Analysis & Research Ltd, is a credit rating agency based in India. This ‘AAA’ rating is the highest achievable rating by an issuer from credit-rating agencies in India, signifies the utmost level of creditworthiness and the ability to repay investors. The upgrade was primarily due to APSEZ’s solid business model, substantial operational growth with healthy profitability, along with high liquidity and low leverage.
This accomplishment carries great importance to India’s private infrastructure sector, as APSEZ is the first and only private infrastructure developer of its size to receive this recognition. It’s worth noting that two transmission assets of Adani Energy Solution — WTGL (West Transmission Gujarat Limited) and Alipurdwar have also been rated AAA by India Ratings. However, APSEZ is the first at the company level.
The company’s impressive growth can be attributed to its expanded reach, strategic port locations, operational efficiencies, and a wide array of integrated services, including SEZ and logistics.
APSEZ has evolved from operating just two ports (Mundra and Dahej) in 2011 to a portfolio of 14 ports spread across the entire coastline of India. With a 27 per cent market share, APSEZ’s ports are the key gateways to India’s trade and economic growth story.
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