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S&P Withdraws Adani Transmission’s Rating At Its Request

The withdrawal of the BBB- rating follows a restructuring at the company. S&P said that the revamp did not weaken the protection for bondholders

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S&P Global Ratings has withdrawn its rating for Adani Transmission, ending an assessment of barely investment grade at the company's request.

The withdrawal of the BBB- rating follows a restructuring at the company. S&P said that the revamp did not weaken the protection for bondholders.

The withdrawal comes just weeks after a report by CreditSights, revised its "deeply overleveraged" label for the group but still concluded that the conglomerate has too much debt.

On Thursday, Adani Transmission, in a regulatory filing, said that "in the matter of acquisition of 49 per cent Equity Shares of Alipurduar Transmission Limited, we would like to inform that the company has further acquired additional 25 per cent equity shares of APTL from Kalpataru Power Transmission Limited in a manner consistent with Transmission Service Agreement and applicable consents. Further, the balance 26 per cent equity shares of APTL will be acquired from Kalpataru Power Transmission Limited after obtaining requisite approvals."

Shares of Adani Transmission ended 2.07 per cent lower on Thursday at Rs 3,122 apiece on the NSE.


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Adani Transmission S&P Global Ratings