BOFA RATES ADANI GROUP BONDS ‘OVERWEIGHT’

Bank of America (BofA) Global Research has initiated coverage on the Adani Group with 'Overweight' (OW) ratings on several of its US dollar bonds, citing the conglomerate's solid fundamentals, strong asset base, and intact funding access despite regulatory scrutiny and tightening market conditions. In its latest report, BofA stated that the group's solid asset base anchors its cash flow and credit profile across ports, utilities, and renewable energy sectors.

- TBG NETWORK

It highlighted that the Adani Group has consistently demonstrated operational performance, expansion, and market access, even amid global scrutiny. The report noted that while ratings have largely remained stable, some outlooks and watch statuses were revised. It stated, "Solid asset base anchors cash flow and credit profile of Adani's $ bond issuers across ports, utilities and renewable sectors. The group showcased operation, expansion and market access amid global scrutiny; ratings stayed put, outlooks/watches changed OW. "The report noted that Adani Group, one of India's largest conglomerates, operates across various infrastructure sectors with 12 listed entities and a combined market capitalisation of around USD 200 billion. The holding companies of the group's USD bond issuers have demonstrated improved fundamentals over the past two