Adani Group faces a potential debt downgrade after US bribery charges led to canceled deals and investor distrust.
Fitch Ratings has put some of Adani Group ’s bonds on watch in preparation for a potential downgrade amid a bribery scandal that shook one of India’s largest industrial conglomerates. Last week, U.S. prosecutors and the Securities and Exchange Commission launched probes into the company on allegations Gautam Adani’s renewable energy arm had been giving bribes to local Indian government officials to secure solar power purchase contracts.
Since then, Kenya has canceled deals worth hundreds of millions of dollars with Adani’s companies and TotalEnergies has suspended any new investments in joint energy projects with Adani Group. Now, Fitch is downgrading the company’s debt. Indeed, the ratings on senior unsecured dollar bonds issued by four Adani subsidiaries were downgraded to negative from stable because of the U.S. indictment, Reuters reported today.
Bribery Scandal US Probe Solar Power Bond Downgrade Fitch Ratings Kenya Canceled Deals Investor Flight Green Energy
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