(Bloomberg) -- Two global rating firms said they will closely watch Adani Group companies’ ability to raise funds but took no action on their debt scores, in their first comments after short-seller Hindenburg’s report triggered a stock and bond rout.

Fitch Ratings said it expects no material changes to Adani Group’s forecast cash flow and noted that there aren’t significant offshore bond maturities in the near term. But Fitch said in a report that it will monitor the companies’ access to financing or cost of financing on a long-term basis, and whether regulatory and legal developments that aren’t favorable emerge.   

Moody’s Investors Service said in a report that “these adverse developments are likely to reduce the group’s ability to raise capital to fund committed capex or refinance maturing debt over the next 1-2 years.” Moody’s added though that it’s aware that a portion of the capital expenditures is deferrable.

The lack of rating actions came after US-based Hindenburg claimed that billionaire Gautam Adani’s firms inflated revenues and manipulated stock prices, causing financial turmoil for the group. More than half the value of Adani’s companies were erased after the short-seller’s report was released last week, and most bonds of those firms sank to distressed levels.

Local rating firm CARE Ratings said this week that the group has “high cash-flow visibility,” but that any significant increase in Adani companies’ external debt to fund capital spending will be a critical rating factor for the conglomerate.

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