Adani Ports and Special Economic Zone (APSEZ), has said that ratings agency Care Ratings has revised its credit rating to AAA

“The rating signifies highest level of credit worthiness and the ability to fulfill all its financial guidance,” the company said in a statement.

With this development, APSEZ has become the first large sized private infrastructure developer to get this recognition, it stated.

“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,” APSEZ added.

It further said that APSEZ has a 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 15 per cent compounded annual growth in volumes for FY19-FY24 as compared to 4 per cent CAGR for all Indian ports. In FY24, APSEZ did a cargo volume of 419.95 MMT, 24 per cent higher than the previous year.

“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,” Karan Adani, Managing Director, APSEZ said.