Three Adani Group companies have secured long-term foreign-currency credit ratings from Japan Credit Rating Agency (JCR), marking a major milestone for Indian infrastructure firms in global capital markets.

 

JCR, Japan’s leading rating agency, initiated coverage of Adani Ports & Special Economic Zone Ltd (APSEZ), Adani Green Energy Ltd. (AGEL) and Adani Energy Solutions Ltd (AESL), assigning all three a Stable outlook. Notably, APSEZ received an A- rating—one notch above India’s sovereign rating—placing it among a rare group of Indian corporates to breach the sovereign ceiling with an international rating agency.

 

AGEL and AESL were each rated BBB+ (Stable), in line with India’s sovereign foreign-currency rating.

 

The ratings underscore the Adani Group’s expanding global credit profile and growing alignment with international benchmarks, as well as JCR’s assessment of the companies’ scale, governance, cash-flow resilience and financial discipline.

 

APSEZ’s above-sovereign rating reflects its diversified asset base and strong, stable cash flows. JCR highlighted the company’s integrated logistics platform spanning ports, SEZs, logistics and marine services, supported by a network of 15 domestic and four international ports handling nearly 30% of India’s cargo and about half of its container volumes. Rapid EBITDA growth, conservative leverage and strong liquidity further supported the rating.

 

AESL’s BBB+ rating was anchored in its expanding role in India’s energy infrastructure, with stable, regulated cash flows from transmission, distribution, smart metering and cooling solutions. JCR pointed to the company’s fast-growing transmission network, improving operational metrics and disciplined funding structure as key strengths.

 

AGEL’s BBB+ rating reflects its position as India’s leading renewable independent power producer, backed by long-term power purchase agreements and strong operational performance. JCR cited the company’s rapid capacity expansion, predominantly renewable EBITDA base and improving balance-sheet metrics as supporting factors for its stable credit profile.

 

Jugeshinder Singh, Group CFO, Adani Group, said, “These landmark ratings reflect the Adani Group’s commitment to disciplined financial management, strengthening balance sheet fundamentals, and world-class execution across our diversified infrastructure platform. 

 

"They reaffirm the depth and resilience of our business model and reflect the confidence global lenders, institutional investors, and capital markets place in our long-term strategy. This endorsement further strengthens our position as a leading partner in India’s infrastructure buildout and reinforces our commitment to delivering sustainable, high-quality growth.”

 

JCR noted that these assessments represent one of the first instances of Indian infrastructure platforms being rated at these levels by the agency, highlighting the Adani Group’s increasing engagement with global rating institutions as it taps international pools of capital for long-term growth.