APSEZ secures "BBB" rating upgrade from S&P, matches India's sovereign rating
Ahemdabad Jun, e 26
Adani Ports and Special Economic Zone Limited, India's largest and one of the world's fastest growing Integrated Transport Operator, announces that S&P Global Ratings has upgraded its long-term issuer credit rating and the issue rating on its senior unsecured notes to "BBB" from "BBB-", with a "Stable" outlook, elevating APSEZ to a rating level at par with India's sovereign rating assigned by S&P.
According to a release from APSEZ, the upgrade recognises APSEZ's robust operating cash flow and financials, underpinned by APSEZ's resilient business model that has withstood trade tensions across business cycles and competitive pressures within the transportation sector.
Key rating action rationale includes APSEZ's robust financials can accommodate high growth spending, tightened leverage policy to support healthy financials, and a growing and diversified portfolio of assets to underpin strong cash flows.
"This S&P upgrade is a landmark achievement for the company. Attaining a rating at par with India's sovereign rating reflects the strength of our business model, the resilience of our cash flows, the quality of our infrastructure assets, and our unwavering commitment to financial discipline", "This upgrade comes at a time when APSEZ is executing one of the most ambitious growth programs in the global ports and logistics sector and is testament to APSEZ's disciplined approach to capital allocation," said Ashwani Gupta, Whole-time Director and CEO, APSEZ.
Recently, during Jan 2026, JCR assigned APSEZ a "A- / Stable" rating, representing a rare breach of the sovereign threshold by an Indian corporate by an international rating agency.
— ANI
Reader Comments
Impressive numbers but we need to ensure these upgrades translate into real benefits for stakeholders. Hope the financial discipline continues and doesn't get overshadowed by ambitious expansion plans. Good news nonetheless!
Seriously impressive! APSEZ is basically now at the same level as the Indian government for creditworthiness. That's the kind of thing that puts India on the global investment map. 🚢🔥
While this is good for the company, I wonder how much of this is driven by the overall growth story of India versus actual operational efficiency. Still, a "BBB" from S&P is no small feat. Let's hope other Indian corporates follow suit.
This is remarkable for an emerging market corporate. Matching sovereign rating is rare even in developed markets. Shows APSEZ's strong cash generation and diversified assets. Great for India's reputation as an investment destination.
The key words are "disciplined approach to capital allocation" - if they can maintain that while executing such massive growth plans, this rating upgrade is well deserved. India's infrastructure story is getting stronger by the day. 🇮🇳📈
Wow, this is a big deal! APSEZ is now rated higher than many sovereigns globally. The
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