Fitch Prepares to Downgrade Adani Bonds Amid Bribery Scandal

Fitch Ratings has put some of Adani Group’s bonds on watch in preparation for a potential downgrade amid a bribery scandal that shook one of India’s largest industrial conglomerates. Last week, U.S. prosecutors and the Securities and Exchange Commission launched probes into the company on allegations Gautam Adani’s renewable energy arm had been giving bribes to local Indian government officials to secure solar power purchase contracts. “As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government…