APSEZ upgraded to BBB by S&P, matches India's sovereign rating

Adani Ports and Special Economic Zone Ltd (APSEZ) has received a significant upgrade in its credit rating from S&P Global Ratings. The long-term issuer credit rating and the issue rating on its senior unsecured notes have been elevated to "BBB" from "BBB-", with a "Stable" outlook. This upgrade places APSEZ's rating at par with India's sovereign rating assigned by S&P. The rating agency cited APSEZ's robust operating cash flow, resilient business model, strong financials, and a strengthened balance sheet as key factors. The company also recently received an "A-" rating from Japanese Credit Rating Agency (JCR), which is a notch above India's sovereign rating.