Fitch Ratings has assigned India-based Adani Ports and Special Economic Zone (APSEZ, BBB-/Stable) proposed senior unsecured US dollar notes an expected rating of 'BBB-(EXP)'.

The agency expects the proceeds to be primarily used for refinancing the company's outstanding debt and its capital expenditure.

The notes are rated at the same level as APSEZ's senior unsecured debt rating as they will constitute direct, unsubordinated and unsecured obligations of APSEZ. The final rating is contingent upon the receipt of final documents conforming to information already received.

Shares of the company gained Rs 1.45, or 0.39%, to trade at Rs 375.15. The total volume of shares traded was 128,053 at the BSE (1.21 p.m., Tuesday).