Japan Credit Rating Agency (JCRA) has initiated credit ratings for three Adani Group portfolio companies, Adani Ports and Special Economic Zone Ltd. (APSEZ), Adani Green Energy Ltd. (AGEL) and Adani Energy Solutions Ltd. (AESL), assigning long-term foreign currency ratings with a ‘Stable’ outlook to all three, marking a new development in the group’s engagement with international rating agencies.
APSEZ has been assigned a rating of A- (Stable), while AGEL and AESL have each received BBB+ (Stable). The BBB+ ratings for AGEL and AESL are at par with India’s sovereign rating, while APSEZ’s A- rating represents a level above the sovereign foreign-currency rating, though subject to the country ceiling, according to the rating details shared.
JCRA’s assessment places emphasis on business fundamentals, cash-flow visibility and financial management practices. For APSEZ, the rating agency cited a diversified asset base, strong profitability and stable long-term cash flows. The company operates a portfolio of 15 domestic and four international ports and is supported by an integrated logistics platform covering ports, special economic zones, logistics and marine services. The agency noted the company’s infrastructure capabilities and financial profile in its evaluation.
Financial performance indicators referenced include growth in earnings before interest, taxes, depreciation and amortisation (EBITDA) and leverage metrics. APSEZ’s net-debt-to-EBITDA ratio was noted at 1.8 times, alongside a funding structure characterised by longer tenors and liquidity management.
In the case of AESL, JCRA pointed to its presence across transmission, distribution, smart metering and cooling solutions. The company’s operations are supported by regulated cash flows, which are a characteristic feature of utility businesses. Network scale indicators mentioned include transmission line length and transformation capacity, along with expansion in smart metering. These operational aspects were considered in the consolidated credit profile.
For AGEL, the agency referred to its renewable energy portfolio, with over 16.7 gigawatts of operational capacity as of September 2025 and a high share of EBITDA linked to renewables. Growth in capacity over recent years, plant performance and funding access were cited as factors in the rating rationale. EBITDA expansion over the period from FY20 to FY25 and into the first half of FY26, along with debt maturity profile, were also highlighted.
The ratings reflect JCRA’s evaluation of each company’s business position, financial metrics and sectoral context. The ‘Stable’ outlook assigned to all three entities indicates the agency’s current expectation that their credit profiles will remain consistent in the near to medium term, barring significant changes in operating or financial conditions.
These assessments add a Japanese rating agency’s perspective to the credit profiles of the three infrastructure-focused companies. Credit ratings are used by lenders and investors as one of several tools to gauge relative credit risk, alongside broader market, regulatory and economic factors.
