NEW DELHI: Adani Ports and Special Economic Zone (APSEZ) on Wednesday said it has secured an AAA rating by CARE Ratings. With this development, the company has become the first large-sized private infrastructure developer to get this recognition, APSEZ said in a statement.

“The rating is largely driven by APSEZ’s robust integrated business model, strong industry position, consistent market share growth with healthy profitability, coupled with high liquidity and low leverage,” the agency said.

In FY24, APSEZ handled a cargo volume of 419.95 MMT, 24 per cent higher than the previous fiscal. APSEZ managing director Karan Adani said, We cherish the recognition to our financial discipline and commitment to deleveraging, diversified asset base as well as customer base and the highest profitability in this sector globally”.