APSEZ becomes first large-sized private infrastructure developer to get AAA rating
Adani Ports and Special Economic Zone (APSEZ) recently announced revision of its credit rating to AAA by CARE Ratings. The topmost rating signifies highest level of credit worthiness and the ability to fulfil all its financial guidance.
With this development, APSEZ has become the first large-sized private infrastructure developer to get this recognition. The rating is driven by APSEZ’s robust integrated business model, dominant industry position, strong growth in operations with healthy profitability, coupled with high liquidity and low leverage, highlighted a communique.
APSEZ’s successful track record of turning around port assets post-acquisition and its integrated approach as a transport utility providing services from port gate to customer gate has led to a 15% compounded annual growth in volumes for FY19-FY24 as compared to 4% CAGR for all Indian ports. In FY24, APSEZ did a cargo volume of 419.95 MMT, 24% higher than the previous year.
Mr Karan Adani, Managing Director, APSEZ, said, “We cherish the recognition to our financial discipline and commitment to deleveraging, diversified asset base as well as customer base and the highest profitability in this sector globally”.
Source: Exim News Service: Ahmedabad, May 7