Fitch revises outlook on 4 Adani group firms to 'Negative' amid indictment

Quick Summary:

The affirmation of ratings for AGEL RG1, AGEL RG2, AESL RG, and AICTPL reflects the ring-fencing structure of these restricted groups.

The Adani Group has denied these allegations, Fitch added.

On November 20, 2024, three AGEL board members were indicted by US authorities for alleged bribery and for providing false and misleading statements to investors during a 2021 offshore note offering.

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Category: BusinessFinance

Markets: India

Topics: Debt amortisation RWN Restricted groups Adani Group Adani Electricity Adani Ports US SEC Funding access Bribery charges Governance practices AGEL Financial flexibility Credit lines Department of Justice Ratings affirmation Adani Green Energy Limited Corporate governance risk Rating Watch Negative Higher funding costs Fitch Ratings

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-26 @ 10:28:58 (8 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 409 words

Reading Time: 3 minutes read

Sentences: 13 lines

Sentence Length: 32 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 23873734

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