Webinar on Adani Transmission’s NCDs 'IND AA+' rating

India Ratings and Research has affirmed Adani Tansmission Limited's (ATL) NCDs at ‘IND AA+’. The Outlook is Stable. 

Debt at ATL is rated based on the project finance approach because Ind-Ra expects its debt levels and repayments to be in line with revenue from the operating assets of the two operating step-down subsidiaries - Adani Transmission India Limited (ATIL) and Maharashtra Eastern Grid Power Transmission Company Limited (MEGPTCL). ATIL and MEGPTCL are free of any debt, apart from loans from ATL. Though ATL develops new projects through its other subsidiaries, the waterfall mechanism among ATL, ATIL and MEGPTCL for the rated debt ensures that cash flows are first available for servicing the rated debt before being invested in new projects or for any other purpose, after complying with the defined financial covenants. 

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