7 months ago
JCRA Assigns Landmark Ratings to Adani Group
The Japan Credit Rating Agency (JCRA) has given high ratings to three companies of the Adani Group: Adani Ports, Adani Green Energy, and Adani Energy Solutions.
Adani Ports got a special rating that is even better than India's country rating, which is a big deal.
The other two companies got ratings that are the same as India's country rating.
These ratings show that the Adani Group is doing well financially and is a strong player in India's infrastructure.
Adani Ports handles a lot of India's cargo and has grown its earnings quickly.
Adani Green Energy has a lot of renewable energy capacity and has grown its earnings a lot.
Adani Energy Solutions is expanding its energy network and is known for its good service and efficiency.
JCRA assigned long-term foreign currency credit ratings to three Adani Group companies: APSEZ (A-), AGEL (BBB+), and AESL (BBB+).
APSEZ's rating breaches India's sovereign threshold, a rare achievement for an Indian corporate.
AGEL and AESL's ratings are at par with India's sovereign rating of BBB+.
Adani Ports' strong rating is backed by its diversified asset base, resilient cash-flow generation, and rapid EBITDA expansion.
AGEL has rapidly expanded its renewable energy capacity and EBITDA growth, supported by diversified global funding access.
- Who
- Japan Credit Rating Agency (JCRA)
- What
- Assigned credit ratings to Adani Ports, Adani Green Energy, and Adani Energy Solutions
- Where
- Ahmedabad, India
- When
- Announced on Friday, January 30
- Why
- To reflect the companies' financial management, business model resilience, and global confidence in their long-term strategy
Key facts
- Companies Rated
- Adani Ports and SEZ (APSEZ), Adani Green Energy Ltd. (AGEL), Adani Energy Solutions Ltd. (AESL)
- Ratings Assigned
- APSEZ: A- (Stable), AGEL and AESL: BBB+ (Stable)
- Rating Agency
- Japan Credit Rating Agency (JCRA)
- Significance
- APSEZ's rating breaches India's sovereign threshold
- Adani Ports' EBITDA Growth
- Rs 7,566 crore (FY20) to Rs 19,025 crore (FY25)
- AGEL's Operational Capacity
- 16.7 GW as of September 2025
- AESL's Transmission Network
- 26,705 ckm of transmission lines, 97,236 MVA capacity
- AGEL's EBITDA Growth
- Rs 1,855 crore (FY20) to Rs 10,532 crore (FY25)
Timeline
Moody's boosts Adani's rating, citing BofA's bullish view on debt management.
Moody's upgrade sparks JCRA's high ratings for Adani firms.
Adani Energy Solutions gets credit boost, impacting JCRA's ratings.
JCRA hands Adani Ports, Green Energy, Energy Solutions top ratings; Ports gets India's best.
Quotes
Source
An unnamed source close to the Adani group
“We are looking to borrow from markets which offer extremely long tenors. Japan is a big market which offers this.”
thehindubusinessline.com
Sources
Japan's Credit Rating Agency Assigns Landmark Ratings To 3 Adani Companies
Three Adani group cos plan to raise $2 bn from Japanese markets
Adani secures landmark JCR Ratings, opens door to Japan's long-term capital
Adani Ports, Adani Green, Adani Energy Solutions get JCRA landmark ratings
