The indictment of Adani group founder Gautam Adani by US prosecutors could reignite concerns about governance practices at the ports-to-energy conglomerate and tarnish its reputation, S&P Global Ratings warned on Friday.

Prosecutors accused Adani, along with seven others including his nephew Sagar Adani, of paying $265 million in bribes to Indian officials to secure favourable terms for a solar power contract. The Adani Group has dismissed the charges as “baseless” and pledged to pursue all legal avenues.

“The allegations could renew questions about the group’s governance and damage its reputation. We will monitor for signs of restricted funding access or heightened concerns from lenders, which could manifest through reduced credit limits, non-renewed facilities, or wider credit spreads,” S&P said in a note.

Adani’s expansion plans hinge on consistent access to equity and debt markets for both growth and refinancing needs. S&P noted that domestic and international lenders often assess Adani entities collectively, potentially limiting group-wide exposure and complicating access to financing.

S&P revised its credit outlook to negative for multiple Adani entities, citing risks to funding access and rising financing costs. Entities affected include Adani Electricity Mumbai and Adani Ports and Special Economic Zone, which retain a ‘BBB-’ rating, and Adani Green Energy Ltd Restricted Group 2 (AGEL RG2), which holds a ‘BB+’ rating.