Adani Ports and Special Economic Zone Ltd.

Rating agency Moody’s has lowered the outlook on Adani Ports and Special Economic Zone (APSEZ) to negative from stable.

The change in ratings outlook reflects the company’s lower volume growth, mainly due to lower coal volumes, and a rise in capital expenditure and financial leverage, when compared to its previous expectations.

APSEZ is part of Adani Group with businesses spanning coal trading, coal mining, oil & gas exploration, ports, multi-modal logistics, power generation & transmission and gas distribution. APSEZ represents a large network of ports with India’s largest Special Economic Zone (SEZ) at Mundra.