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Investing.com -- Fitch Ratings has assigned a negative outlook to Adani Energy Solutions Limited, an Indian energy infrastructure company.
The rating agency has cited worries about corporate governance and possible risks from ongoing investigations in the U.S.
According to Fitch, any adverse outcomes from the U.S. investigations could lead to a weakening of governance standards. This could result in the company’s rating being downgraded in the near to medium term.
The rating agency further stated that it might lower the company’s rating if the investigations lead to regulatory penalties, restrictions, or a loss of market confidence.
However, Fitch has removed Adani Energy from its ’rating watch negative’ list. The agency stated that risks related to the company’s liquidity and funding have become more moderate. It confirmed the company’s Long-Term Foreign- and Local-Currency Issuer Default Ratings at ’BBB-’.
Fitch also mentioned that although Adani Energy operates independently, governance concerns at the broader Adani Group level could still affect the company’s access to capital markets and liquidity.
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