Moody’s Ratings on Thursday said it will look at Adani group’s governance practices when assessing the conglomerate’s ability to access capital after bribery charges were levelled against group chief Gautam Adani.
The rating agency added the indictment of the billionaire industrialist and other senior officials is credit negative for the group’s companies.
US prosecutors charged Adani for allegedly being part of a scheme to pay over $250 million (about ₹2,100 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.
“Our main focus when assessing Adani group is on the ability of the group’s companies to access capital to meet their liquidity requirements and on its governance practices,” Moody’s said.
The rating agency had recently assigned Baa3 rating to Adani Green Energy Hybrid Restricted Group's $1.2 billion senior secured notes. In February upgraded the outlook on four Adani group firms to stable from negative.
