APSEZ S&P Rating Upgraded to BBB Matches Sovereign

Key Quantitative Figures and Rating Action

S&P Global Ratings upgraded the long-term issuer credit rating and the issue rating on its senior unsecured notes for APSEZ to 'BBB' from 'BBB-'. The outlook assigned is 'Stable'.

Context and Rationale

The upgrade elevates APSEZ's rating to a level at par with India's sovereign rating assigned by S&P. The rationale provided by S&P for the upgrade includes:

• APSEZ's robust financials, which can accommodate high growth spending.
• A tightened leverage policy to support healthy financials.
• A growing and diversified portfolio of assets to underpin strong cash flows.

The release states the upgrade recognizes the company's robust operating cash flow and financials, underpinned by a resilient business model.

Management Commentary

Mr. Ashwani Gupta, Whole-time Director and CEO, APSEZ, commented that the upgrade is a landmark achievement reflecting the strength of the business model, resilience of cash flows, quality of infrastructure assets, and commitment to financial discipline. He also noted it comes as the company is executing an ambitious growth program in the global ports and logistics sector.

Previous Rating Action

This S&P action follows a previous rating assigned in January 2026 by the Japanese Credit Rating Agency (JCR), which rated APSEZ at 'A- / Stable'. The JCR rating was a notch above India's sovereign rating, described as a rare breach of the sovereign threshold by an Indian corporate.