Adani Group Debt Still a Concern But Researchers Soften Tone
- CreditSights still maintains group’s leverage is elevated
- Adani had cited lower debt load to rebut overleveraged view
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Research firm CreditSights stuck to its main conclusion that billionaire Gautam Adani’s empire has too much debt but dialed back on its language, having sparked controversy with a report calling the group “deeply overleveraged”
In a new note published after discussions with the conglomerate’s management, the firm cited “elevated” leverage for Adani Green Energy Ltd. and the risk of future acquisitions hurting the credit profile of Adani Ports and Special Economic Zone Ltd. But it made no mention of the label or the word “deeply.”