Adani Power has rubbished Crisil’s comments on the company as “absurd and arbitrary“, saying that it had stopped availing the services of the rating agency in December 2013.
Adani Power said its lenders had agreed to the company’s decision to switch to CARE Ratings and that Crisil itself had issued an ad visory in September 2015 saying that ratings of the company would be suspended shortly.
Crisil had issued a statement late on Thursday, 1st June 2017 saying that Adani Power was not cooperating with it despite repeated attempts, although it did not change the stable outlook on the firm. The agency said the company’s rating reflected adequate liquidity and financial flexibility for the rating category and low offtake risks.
“Crisil’s recent rating action is absurd and arbitrary. Adani Power ceased to avail the ratings services from Crisil since December, 2013. Lenders of APL consented to change in the rating agency. The consortium of lenders gave a No-Objection Certificate to withdraw ratings on APL from Crisil in November, 2014, which was duly intimated to Crisil” it said in a statement.
The company said it had outstanding debentures totalling Rs 4,056crore, which are fully secured through “Pledge of Shares” from promoters.