Fitch, S&P and Moody’s reverse negative outlooks, issue multiple upgrades for Adani Group entities

The Adani Group has reported a series of positive international rating movements across its portfolio since November 2024, with all portfolio EBITDA now either reaffirmed or upgraded by global rating agencies, according to a company statement. The group attributed the improvements to “continuous engagement, clear and transparent dialogue, and diligent information sharing” with rating agencies.  

The update comes after S&P, Moody’s and Fitch placed several Adani entities on negative outlook or rating watch negative in late November, following the indictment of senior executives linked to group companies.

S&P moved APSEZ, AEML and AGEL RG2 to Negative Outlook on November 21, while Moody’s followed on November 26 with negative outlooks for restricted groups of AGEL, AESL, AEML, APSEZ and others. Fitch placed multiple entities — including APSEZ, NQXT, MIAL and ATSOL — on Rating Watch Negative the same week.  

Upgrades across energy, utilities & transport verticals 

Since then, rating agencies have issued a series of upgrades and positive actions: 

• Mumbai International Airport Ltd (MIAL): Fitch upgraded the airport operator’s USD notes to BBB–/Stable from BB+/Positive on June 18, 2025.  
• Adani Green Energy (AGEL) restricted groups: Between March and December 2025, AGEL’s RG1 and RG2 entities received multiple outlook upgrades to Stable from Fitch, S&P and Moody’s.  
• Adani Electricity Mumbai Ltd (AEML) and Adani Energy Solutions Ltd (AESL): AEML and AESL saw repeated outlook upgrades to Stable after being removed from Rating Watch Negative by Fitch, S&P and Moody’s across March, August and November 2025.  
• Adani Ports & SEZ (APSEZ): APSEZ received outlook upgrades from Fitch and S&P, moving from Negative or RWN to Stable or Positive between March and November 2025.  
• Adani International Container Terminal Pvt Ltd (AICTPL): Both Fitch and Moody’s revised the outlook to Stable in March and December 2025.  
• North Queensland Export Terminal (NQXT): Fitch upgraded the outlook to Stable from RWN in March 2025.  

New global ratings issued 

CareEdge Global initiated new international ratings for:

• Adani Electricity Mumbai Ltd: BBB+/Stable (Sept 23, 2025)
• Mumbai International Airport Ltd: BBB+/Stable (Aug 13, 2025) 

The group said it expects continued positive outcomes as it maintains “clear, positive and transparent communication” with rating agencies.