Adani Ports and Special Economic Zone Ltd.

Global rating agency Fitch Ratings, Singapore has affirmed India-based Adani Ports and Special Economic Zone Limited's (APSEZ) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-'. The Outlook is Stable. The agency has also affirmed APSEZ's senior unsecured rating at 'BBB-' and the 'BBB-' rating on its $650m 3.5% senior unsecured notes due 2020. This rating of BBB- Stable (Investment Grade) by Fitch has been affirmed based on Robust Business Model, strong market position and management’s commitment for reduction in related party loans and advances.

Fitch continues to see APSEZ as being well-positioned to benefit from India's growth and related cargo opportunities. The company, unlike some other rated peers in the region, has significantly better flexibility in infrastructure renewal and expansion capex, which gives it the ability to generate strong free cash flows. Fitch believes that the company’s growth will be at 14% (CAGR), profits will improve positive cash flows and APSEZ is committed to recover the related party loans & advances gradually. The rating would enable APSEZ to continue to tap international markets for long term and low cost funds.

Adani Ports and Special Economic Zone Limited is engaged in the business of providing infrastructural facilities. The Company is primarily involved in the business of developing, operating and maintaining the port and port-based related infrastructure services, including multi product special economic zone at port location.