(Tiper Stock Exchange) – S&P has downgraded the rating outlook to “negative”. of some companies Adani Groupthe Indian multinational conglomerate that saw its capitalization plummet after US short seller Hindenburg Research released a report on January 24, 2023. The document cites a number of alleged unfair practices regarding offshore companies and dealings with family members who have an effect on the network of listed companies belonging to the group.
Although the group founded by Gautam Adani published a response on January 30, 2023, the pressure on stocks and bonds she did not subside.
“There is a risk that investors’ concerns about corporate governance and disclosures are greater than we have currently factored into our ratings,” wrote S&P, “or that further investigations and negative market sentiment could lead to a increase in the cost of capital And reduce access to finance for rated entities”.
Fitch Ratings instead he stated that there is no immediate impact on ratings of Fitch-rated Adani entities and their securities following the Hindenburg Research report and does not anticipate material changes to its projected cash flow.
S&P, Moody’s and Fitch still folded their ratings unchanged on Adani’s companies.