S&P Global Ratings Upgrades Adani Ports to BBB

S&P Global Ratings upgraded the long-term issuer credit rating and senior unsecured notes rating of Adani Ports and Special Economic Zone Limited (APSEZ) from BBB- to BBB, maintaining a stable outlook. This action elevates the company's rating to a level equal to India's sovereign rating. S&P attributed the upgrade to the operator's robust operating cash flow, disciplined capital allocation, and diversified asset portfolio.

The financial stability provides the necessary headroom for the company to execute an expansion strategy aimed at increasing domestic port capacity from 653 million tonnes to 1 billion tonnes by 2030. S&P anticipates annual capital expenditure will rise to approximately Rs 18,000 crore in fiscals 2027 and 2028, and to Rs 20,000 crore in fiscal 2029.

Ashwani Gupta, the CEO of APSEZ, described the upgrade as a landmark achievement and a reflection of the company's business model and financial discipline. The S&P upgrade follows a previous rating of A- / Stable assigned to the company by the Japan Credit Rating Agency in January 2026.