Adani Group’s solid asset base anchors cash flow, credit profile of USD bonds: BofA
AHMEDABAD: BofA Securities on Tuesday said that Adani Group’s operations remain sound amid structural protections, which reflect strong market access, adding that a solid asset base anchors cash flow and credit profile of the Group's USD bond issuers across ports, utilities and renewable sectors.
The Adani Group showcased operation, expansion and market access amid global scrutiny as ratings stayed put while outlooks/watches changed, according to the global brokerage, which added that the Group’s “solid credit fundamentals support our positive stance on the USD bond”.
According to BofA, the holding companies of the group's USD bond issuers have reported better fundamentals over the last two years, underpinned by EBITDA growth on capacity expansion, along with moderation in leverage.
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