Chennai, Feb 10,2023: Affirming its ratings on eight companies of the Adani Group, global credit rating agency Moody’s Investors Service maintained its outlook on four companies as ‘stable’.

The credit rating agency changed its outlook to ‘negative’ from ‘stable’ in the case of four Adani Group companies.

According to Moody’s, the eight companies are: A

1. Adani Ports and Special Economic Zone Limited (APSEZ) – Baa3 ratings affirmed; outlook remains stable

2. Adani International Container Terminal Private Ltd (AICTPL) – Baa3 ratings affirmed; outlook remains stable

3. Adani Green Energy Restricted Group (AGEL RG-2) comprising Wardha Solar (Maharashtra) Private Limited, Kodangal Solar Parks Private Limited and Adani Renewable Energy (Rj) Limited – Ba1 ratings affirmed; outlook remains stable

4. Adani Transmission Restricted Group 1 (ATL RG1) comprising Barmer Power Transmission Service Limited; Raipur-Rajnandgaon-Warora Transmission Ltd; Sipat Transmission Limited; Thar Power Transmission Service Limited; Hadoti Power Transmission Service Limited; ChhattisgarhWR Transmission Limited – Baa3 ratings affirmed; outlook remains stable

5. Adani Green Energy Limited (AGEL) – Ba3 ratings affirmed; outlook changed to negative from stable.

6. Adani Green Energy Restricted Group (AGEL RG-1) comprising Adani Green Energy (UP) Limited; Parampujya Solar Energy Private Limited; Prayatna Developers Private Limited – Ba2 ratings affirmed; outlook changed to negative from stable

7. Adani Transmission Step-One Limited (ATSOL) – Baa3 ratings affirmed; outlook changed to negative from stable

8. Adani Electricity Mumbai Limited (AEML) – Baa3 ratings affirmed; outlook changed to negative from stable

These rating actions follow the significant and rapid decline in the market equity values of the Adani Group companies following the recent release of a report from a short-seller highlighting governance concerns in the Group.