COPENHAGEN: Moody’s Investors Service has assigned a definitive issuer rating of Baa3 to Adani Ports and Special Economic Zone Limited (APSEZ). At the same time, Moody’s has assigned a definitive Baa3 rating to APSEZ’s USD650 million, 3.5%, 5-year senior unsecured bond due July 2020.
Moody’s definitive rating on this debt obligation follows APSEZ’s completion of its USD bond issuance, the final terms and conditions of which are consistent with Moody’s expectations. The provisional rating was assigned on 10 June 2015, and Moody’s ratings rationale was set out in a press release published on the same day.
The proceeds from the bond will be used for repayment of existing foreign currency denominated external commercial borrowings and funding of capital expenditure. The principal methodology used in these ratings was Privately Managed Port Companies published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
