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Friday, July 18, 2014

CARE Assigns CARE BBB Rating To The Bank Facilities of Adani Murmugao Port Terminal

CARE Rating Agency has assigned CARE BBB [Triple B] rating to Long-term Bank Facilities for the amount of Rs 285 crore of Adani Murmugao Port Terminal Pvt. Ltd. 

The rating assigned to the bank facilities of Adani Murmugao Port Terminal Private Limited (AMPTPL) derives strength from the strong management and operational expertise of its parent, Adani Ports and Special Economic Zone Limited (APSEZ), established infrastructure of Murmugao port coupled with likely shifting of cargo from some of the existing berths at the Murmugao Port and synergy available being part of the Adani group being the largest coal importer in India. The rating also derives strength from the completion of work for the project including development of supporting infrastructure albeit with extended time frame mainly due to delay in handing over of land by the Murmugao Port Trust (MPT) and creation of Debt Service Reserve Account (DSRA) as per terms of sanction. 

The rating is, however, constrained by the market risk elevated by minimum guaranteed cargo and the gestation period required in ramp-up of the cargo, limited pricing flexibility being a part of major port and competition from some of the other ports on the eastern as well as western coasts of India. 

The ability of AMPTPL to achieve envisaged cargo and need based support from the sponsors in the initial phase of operations are the key rating sensitivity.
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