S&P Upgrades APSEZ Credit Rating To BBB With Stable Outlook

Adani Ports and Special Economic Zone Limited (APSEZ) has secured an upgrade in its long-term issuer credit rating from S&P Global Ratings, moving from ‘BBB-’ to ‘BBB’ with a stable outlook.

The revised assessment places the company’s rating on par with India’s sovereign credit profile as evaluated by S&P.

S&P also upgraded the rating of APSEZ’s senior unsecured notes, citing the company’s consistent cash generation, sound financial management and capacity to fund large-scale expansion while maintaining prudent leverage levels.

Ashwani Gupta, Whole-time Director and Chief Executive Officer of APSEZ, said the latest rating upgrade reflects the company’s resilient business model, dependable cash flows and high-quality infrastructure portfolio. He noted that the recognition comes as APSEZ continues to implement one of the industry’s most ambitious expansion programmes, adding that disciplined capital allocation has remained central to the company’s long-term strategy.

S&P believes APSEZ possesses sufficient financial flexibility to pursue its growth ambitions.

The company aims to increase its domestic port capacity from 653 million tonnes to one billion tonnes by 2030.

The agency estimates APSEZ’s annual capital expenditure will increase from roughly ₹13,000 crore in previous years to around ₹18,000 crore during FY2027 and FY2028, before reaching nearly ₹20,000 crore in FY2029.

According to S&P, APSEZ’s diversified infrastructure portfolio, strong operating cash flows, and conservative leverage policy have strengthened its financial profile despite fluctuations in global trade and increasing competition within the transport and logistics sector.

Earlier in January 2026, the Japanese Credit Rating Agency (JCR) awarded APSEZ an ‘A-/Stable’ rating, marking another significant international recognition of the company’s financial resilience and creditworthiness.

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