S&P puts Parampujya Solar on watch

S&P said it placed the BB+ ratings of Parampujya Solar Energy Private Ltd. Restricted Group and its $500 million of senior secured notes on CreditWatch with negative implications.

“We believe the Covid-19 pandemic could further weaken the credit profiles of Psepl RG's offtakers (discoms) as the fiscal position of the state governments supporting them comes under pressure,” the agency said in a press release.

Psepl comprises Adani Green Energy Ltd., Adani Green Energy (UP) Ltd., Parampujya Solar Energy Pvt. Ltd., and Prayatna Developers Pvt. Ltd. These entities (collectively referred to as Psepl RG) are the co-issuers and co-guarantors of the senior secured notes.

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