S&P; ups outlook on Adani Ports to stable from negative
Global ratings agency Standard and Poor's (S&P) today revised up the outlook on Adani Ports to 'stable' from 'negative' on expectation of better operating performance and limiting related-party lending. "Our stable outlook reflects our expectation that Adani Ports & SEZ will maintain consistent operating performance and leverage, and limit related-party transactions over the next 12-24 months," the agency said in a note. The agency, however, affirmed its rating on the company at 'BBB-' as it expects the company, which runs the largest private sector operator port in Mundra in Gujarat, will sustain its improved operating performance supported by healthy revenue growth and strong pre-tax margins at 63-65 per cent levels. The company should also commit to maintain the funds from operations to debt ratio at 15-20 per cent, it added. "We also understand that the management is committed to prevent a recurrence of incidences such as a sharp increase in related-party loans in...14-06-2017