P Global Ratings has cut its rating on Adani Group’s North Queensland Export Terminal’s senior secured debt to B- from BB-, saying the risk of it refinancing its debt had heightened.P said the coal port was yet to finalise funding to refinance a $US500 million bond due on December 15.
It said the coal port was a “project financed” asset, and it did not factor in any potential support from the Adani Group, despite the parent’s recent track record.“Earlier this year, NQXT management had indicated that the upcoming payment will be met via additional funding from the sponsors, the Adani Group. The payments were expected to be in the project accounts by September 2022, but have yet to be received,” it said.
The North Queensland Export Terminal is Australia’s northernmost coal port that India’s Adani Group holds under a 99-year lease that it won from the Queensland Government in early 2011. It has a design capacity of 50 million tons per year.
Source: Loan Digest (loandigest.net)
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