Moody's also expects that the company will not be asked to share fuel subsidies, as long as oil prices stay below $70 per barrel. Moody's assigns Baa3 to Adani Ports and SEZ's proposed bonds. Moody's Investors Service has assigned 'Baa3' rating to the proposed senior unsecured bonds by Adani Ports and Special Economic Zone (APSEZ). APSEZ will apply the proceeds of the bond issuance to refinance $650 million worth of senior unsecured bonds maturing in July 2020. "APSEZ's Baa3 issuer rating primarily reflects the company's strong market position as the largest port developer and operator in India by cargo volume, and the strength of its landmark Mundra Port concession in Gujarat," the ratings agency said in a release.