Moody's cuts outlook for four Adani group companies, cites rapid declines in market value
Publishing timestamp: 2023-02-12 21:40:04
Summary
Moody's cut its outlook for Adani Green Energy from stable to negative, alongside Adani Transmission Step-One, Adani Electricity Mumbai and Adani Green Energy Restricted Group. The downgrade was due to the company's large capital spending program and dependence on support from its sponsors. Moody's maintained its current outlook for four other Adani group companies, including Adani Ports and Special Economic Zone and Adani International Container Terminal. Global index provider MSCI also announced last week it will be cutting weightings of Adani Enterprises, conglomerate's flagship company, and three other Adani group companies.
Sentiment: NEGATIVE
Tickers: MCO, ADANIPORTS-IN, ADANIGREEN-IN,
Keywords: asia economy, adani port and special economic zone ltd, world markets, adani green energy ltd, business news, moody's corp,
Source: https://www.cnbc.com/2023/02/13/moodys-cuts-outlook-adani-companies.html