The outlook of several Adani companies which are affiliates or parents of project companies in Sri Lanka have been cut to negative by S&P Global Ratings, after corruption and fraud charges were filed in the US against the group.

The outlook of the BBB- rating of Adani Ports and Special Economic Zone Ltd, which is linked to a terminal project at Colombo port was cut to negative.

Adani Green Energy Limited (AGEL), which is promoting a controversial wind power project in Sri Lanka’s Mannar area was not rated by S&P but the outlook of its financing SPV, Adani Green Energy Ltd Restricted Group 2, was cut to negative.

US prosecutors filed charges against the Adani group and several senior executives alleging they bribed Indian officials to get solar power deals. Adani has denied the allegations.

“The allegations could renew questions over the group’s governance practices and damage its reputation,” S & P said.

“We will watch for any signs of weaker funding access or concerns from existing lenders–which could be demonstrated by the lowering of funding limits, nonrenewal of facilities, or significantly higher credit spreads.

“A U.S. indictment of three board representatives of an unrated Adani group entity could affect investor confidence in other Adani group entities (because the founder is on the board of multiple entities within the group), thereby potentially impairing their funding access and increasing their funding costs.”