Adani Ports and Special Economic Zone Limited (APSEZ) announced that S&P Global Ratings has raised its long-term issuer credit rating and senior unsecured notes issue rating from “BBB-” to “BBB” with a “Stable” outlook. This upgrade, aligning Adani Ports’ rating with India’s sovereign rating, signifies the company’s robust cash generation and capacity to fund expansion plans while maintaining a healthy leverage position.
Ashwani Gupta, Whole-time Director and CEO of APSEZ, expressed pride in achieving a rating equivalent to India’s sovereign rating, attributing it to the company’s strong business model, resilient cash flows, quality infrastructure assets, and financial discipline. The rating elevation coincides with APSEZ’s ambitious growth initiatives in the global ports and logistics sector, highlighting the company’s prudent capital allocation strategy.
The key reasons behind the rating upgrade include Adani Ports’ strong financial performance supporting high growth investments, a reinforced leverage policy ensuring financial health, and a diversified asset portfolio contributing to robust cash flows. S&P emphasized that the company’s solid financial position allows ample room for executing its growth strategy, aiming to expand domestic port capacity from 653 million tonnes to 1 billion tonnes by 2030.
Anticipating a surge in annual capital expenditure to approximately Rs 18,000 crore by fiscals 2027 and 2028, and Rs 20,000 crore by fiscal 2029, Adani Ports is committed to sustaining its growth trajectory. The upgrade acknowledges the company’s resilient business model, which has navigated trade tensions and industry competition, showcasing strong operating cash flows and financial stability.
In a notable recognition, Japanese Credit Rating Agency (JCR) assigned APSEZ an “A-/Stable” rating in January 2026, marking a rare instance of an Indian corporate surpassing the sovereign threshold set by an international rating agency.
