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Fitch Assigns Adani Ports USD500 Million Notes BBB- Final Rating; Outlook Negative

Fitch Assigns Adani Ports’ USD500 Million Notes ‘BBB-‘ Final Rating; Outlook Negative USD500 million senior unsecured notes due 2031 a final rating of ‘BBB-‘ with a Negative Outlook. The new issue ranks pari passu with the company’s existing US dollar bonds. The proceeds are being used primarily for refinancing the early redemption of APSEZ’s US dollar bond due 2022. The final rating follows the receipt of documents conforming to information already received and is in line with the expected rating assigned on 25 January 2021. RATING RATIONALE The rating reflects APSEZ’s market leading position in India, the stability of long-term cargo revenue and its operational efficiency. The coronavirus pandemic may result in weaker domestic demand and exports, but cargo mobility is largely uninterrupted despite the global lockdowns.

Fitch Assigns Adani Ports Proposed USD Notes BBB-(EXP) Rating; Outlook Negative

Fitch Assigns Adani Ports’ Proposed USD Notes ‘BBB-(EXP)’ Rating; Outlook Negative Fitch Ratings has assigned India-based port operator Adani Ports and Special Economic Zone Limited’s (APSEZ, BBB-/Negative) proposed senior unsecured notes of up to USD500 million an expected rating of ‘BBB-(EXP)’ with a Negative Outlook. The proposed bond is ranked pari passu with the company’s existing US dollar bonds. The proceeds will be used primarily for refinancing the early redemption of APSEZ’s US dollar bond due 2022. The final rating is contingent upon the receipt of final documents conforming to information already received. RATING RATIONALE

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