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S&P Global Upgrades Adani Ports' Rating to BBB with Stable Outlook

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S&P Global Ratings has upgraded its ratings for Adani Ports and Special Economic Zone's (NSE:ADANIPORTS, BOM:532921) long-term issuer credit rating and the issue rating on its senior unsecured notes to BBB from BBB-, with a stable outlook.

The ratings agency said the upgrade was driven by the company's "strong operating cash flow and financials," which give it a greater cushion to accommodate large growth plans, according to a Thursday filing with the Indian stock exchanges.

The stable outlook reflects the expectation that the company will sustain strong operating performance over the next 12-24 months and keep its net debt-to-EBITDA ratio at around 2.6 times despite elevated capital spending, S&P said.

Adani, in its statement, said the upgrade elevates it to a rating level at par with India's sovereign rating assigned by S&P.

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