Gopalpur Port Gets Rating Upgrade
Care Ratings enhanced it by 6 notches from BBB to AA/Stable 6 notches post acquisition by APSEZ
Gopalpur Port Gets Rating Upgrade
New Delhi: Care Ratings has upgraded Gopalpur Port’s ratings by six notches -- from BBB (Rating Watch Positive) to AA/Stable, post its acquisition by Adani Ports and SEZ in March.
In a statement, the rating agency said besides revising the rating, Gopalpur Ports Ltd (GPL) has also been removed from ‘credit watch with positive implications’ following change in ownership from Shapoorji Pallonji group to Adani Ports and Special Economic Zone Ltd (APSEZ) and subsequent prepayment of 64 per cent of external debt supported by funds infusion from the new promoter.
“The rating revision factors strong parentage of APSEZ, the largest port developer and operator in India with operations across 10 ports (including GPL) and three terminals handling 27 per cent of seaborne cargo of India,” Care Ratings said. APSEZ, it said, has a track record of turning around port assets including Dhamra port post-acquisition through a combination of logistics solutions offering, partnering with prominent shipping lines, and enhancing operating efficiency.
