S&P upgrades Adani Ports to BBB, citing strong cash flow and stable leverage

Mumbai: S&P Global Ratings on Thursday (June 25, 2026) raised Adani Ports and Special Economic Zone (APSEZ) to investment-grade BBB from BBB-, pointing to robust cash generation and a strengthening balance sheet.

The agency said APSEZ can fund an ambitious expansion plan while keeping leverage in check. It assigned a stable outlook, expecting the company to sustain strong operating performance over the next 12-24 months.

S&P projects APSEZ will maintain a net debt-to-EBITDA ratio around 2.6 times despite elevated capital spending. The upgrade lifts APSEZ out of the lowest investment-grade rung, potentially lowering borrowing costs as it pursues port and logistics projects across India and abroad.