Moody's Upgrades Adani Transmission Step-One, Adani Electricity Mumbai Outlook to Stable

• Moody's Ratings upgraded the outlook for Adani Transmission Step-One Ltd (ATSOL) and Adani Electricity Mumbai Ltd (AEML) to stable from negative.
• The upgrade, effective January 15, reflects expectations of solid liquidity access and credit profiles consistent with their Baa3 ratings over 12-18 months.
• ATSOL's ratings affirmation highlights close credit linkages with parent Adani Energy Solutions Ltd (AESL), including guarantees and default provisions.
• AESL's stable operating performance is supported by its diversified portfolio of regulated transmission and distribution assets.
• Moody's expects Adani Ports and Special Economic Zone Ltd (APSEZ) to maintain strong liquidity and credit profile, backed by discretionary capex and funding access.

Why It Matters: Moody's upgraded Adani Transmission Step-One and Adani Electricity Mumbai's outlook to stable, citing improved liquidity and credit profiles.