Moody's takes ratings actions on 8 Adani Group Cos.

Moody's Investors Service has today affirmed the ratings on eight Adani Group companies.

At the same time, Moody's has changed the outlook on four issuers to negative from stable, while maintaining the stable outlook on other four companies.

The eight companies affected are:

1. Adani Green Energy (AGEL) - Ba3 ratings affirmed; outlook changed to negative from stable

2. Adani Green Energy Restricted Group (AGEL RG-1) comprising Adani Green Energy (UP); Parampujya Solar Energy ; Prayatna Developers - Ba2 ratings affirmed; outlook changed to negative from stable

3. Adani Transmission Step-One (ATSOL) - Baa3 ratings affirmed; outlook changed to negative from stable

4. Adani Electricity Mumbai (AEML) - Baa3 ratings affirmed; outlook changed to negative from stable

5. Adani Ports and Special Economic Zone (APSEZ) - Baa3 ratings affirmed; outlook remains stable

6. Adani International Container Terminal (AICTPL) - Baa3 ratings affirmed; outlook remains stable

7. Adani Green Energy Restricted Group (AGEL RG-2) comprising Wardha Solar (Maharashtra), Kodangal Solar Parks and Adani Renewable Energy (Rj) - Ba1 ratings affirmed; outlook remains stable

8. Adani Transmission Restricted Group 1 (ATL RG1) comprising Barmer Power Transmission Service ; Raipur-Rajnandgaon-Warora Transmission ; Sipat Transmission ; Thar Power Transmission Service; Hadoti Power Transmission Service; Chhattisgarh WR Transmission - Baa3 ratings affrmed; outlook remains stable.

These rating actions follow the significant and rapid decline in the market equity values of the Adani Group companies following the recent release of a report from a short-seller highlighting governance concerns in the Group.

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