Sunday, June 4, 2023

Global Credit Rating Agency SnP Signals Possibility Of Downgrade For…

S&P Adani Rating: Recent times have not been good for the Adani Group, which does business in areas ranging from food and drink to airports and ports. The group has been facing challenges ever since a controversial report by American short seller firm Hindenburg came out in January. After the arrival of that report, till now many credit rating agencies have reduced the rating of Adani Group (Rating Agencies On Adani Group). Now another major credit rating agency has also raised concerns for the group.

S&P expressed this apprehension

Rating agency Standard & Poor’s i.e. S&P Global Ratings (S&P Global Ratings) in a recently released statement did not rule out the possibility of taking negative steps regarding the rating of Adani group companies. The rating agency clearly said that if it finds any serious flaw, it can take negative rating action on Adani group companies. The agency said that these irregularities include concealment of information or misrepresentation of any related-party loan or cash leakage.

Also READ  GST Collection: GST filled the coffers of the government, progress became faster... with one arrow...

Hindenburg had made these allegations

Let us tell you that on January 24, the American short seller firm Hindenburg issued a report against the Adani group. It was said in the report that the Adani group has done the biggest scam in the history of the stock market. Hindenburg had made several serious allegations against the Adani group, including wrongly raising the price of its shares. After the release of the Hindenburg report, there was a huge fall in the value of Adani Group’s shares. The firm also talked about the overvalued shares of Adani Group in its report.

Also READ  Reliance Two Companies Are Included In Top Most Valued Indian Companies...

Rating agencies have taken these steps

After the above report came to the fore, many rating agencies had downgraded the ratings of Adani group companies. First, on February 11, Moody’s downgraded the rating outlook of the group’s flagship company Adani Enterprises, including Adani Total Gas, Adani Transmission and ACC. After that, on February 17, the market regulator SEBI had sought information about the loan ratings of Adani’s companies. At the same time, rating agency Fitch had retained the rating of Adani Transmission on 23 February, while India Ratings had stabilized the outlook from negative on 07 March, retaining the A-plus rating.

Also READ  Three SME IPOs To Open For Public Subscription In Next Week Know Details...

Now S&P has said this

Talking about S&P, this agency had taken steps regarding Adani Group on 25 February before the latest statement. The agency had then taken Adani Green out of the purview of monitoring and retained the rating. Now the agency has issued a FAQ style statement titled ‘Adani Group: The Known Unknowns’. She said that like the market, she is also waiting for more information about Adani Group before deciding the rating direction. The agency said that the information related to the risk of company operations and funding will decide the rating of Adani group companies during the next 12-24 months.

read this also: Now online shopping will be better, the government is preparing for this strictness

Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular