Moody's Investors Service has assigned a Baa3 rating to the proposed senior unsecured bonds of Adani Ports and Special Economic Zone (APSEZ). The issuer rating and the rating of its existing USD 650 million senior unsecured bond remain unchanged at Baa3. The outlook on the rating is negative.

APSEZ will apply the proceeds of the USD bond issuance for capital expenditure and repayment of existing foreign currency commercial borrowings.

The bonds will represent a senior unsecured obligation and will rank equally with all of APSEZ's existing and future unsecured and unsubordinated indebtedness.

Shares of the company declined Rs 11, or 3.75%, to trade at Rs 282.70. The total volume of shares traded was 108,030 at the BSE (11.25 a.m., Friday).