Fitch Ratings has removed energy infrastructure company Adani Energy Solutions Ltd (AESL) from its ‘Ratings Watch Negative’ list. Fitch said it affirmed the ratings as the Adani group has demonstrated adequate funding access since the row in the US linked to some board members of another group entity, Adani Green Energy Limited. The outlook is negative to reflect our view that the proceedings and outcome of the US investigations could reveal that the group’s corporate governance practices are weaker than we expected and lead to negative rating action in the near to medium term,\” it said. The rating agency said it will monitor the investigations for any evidence of weakness in the entities’ governance practices and internal controls, and the impact on AESL’s financial flexibility. The ratings have been removed from Rating Watch Negative and assigned a Negative Outlook, it said in a statement. It said it expects the EBITDA contribution from the smart metering business to reach above 25 per cent in FY26 (FY24: nil; FY25: 15 per cent), considering the fast cash conversion cycle.