Ratings agency Fitch said on Friday it saw no immediate impact on its ratings of Adani Group entities and their securities, following US short-seller Hindenburg Research’s report last week.

Hindenburg’s scathing attack on the conglomerate questioned the firm’s debt levels and use of tax havens, but the Group has called the report baseless and affirmed its financials are strong.

“Our ongoing monitoring will be looking closely at any major changes to the rated entities’ access to financing or cost of financing on a long-term basis, unfavourable regulatory/legal developments or ESG-related matters that could affect credit profiles,” the ratings agency said in a report.

Fitch has ratings on eight entities within the Adani group, including Adani Transmission Ltd, Adani Electricity Mumbai Ltd, and Adani International Container Terminal.

India’s Adani denies rise due to Modi as shares slump again

The ratings agency added that it expected no material changes to Adani Group’s cash flow forecast. Gautam Adani, once India’s richest man, has slipped to No. 17 in Forbes’ rankings of the world’s wealthiest people. Shares of Adani’s listed firms have plunged since last week, and their market value has now more than halved to less than $100 billion.

The agency added there were no significant offshore bonds maturing in the near term, reducing refinancing risks and near-term liquidity risks.