Moody's upgrades Azure Power notes

Moody's Investors Service said it upgraded to Ba2 from Ba3 the senior unsecured ratings assigned to the dollar-denominated notes issued by Azure Power Energy Ltd. At the same time, Moody's upgraded to Ba1 from Ba2 the ratings of senior unsecured dollar-denominated notes issued by Azure Power Solar Energy Private Ltd.) and backed by Azure Power Global Ltd. The outlook is stable.

"The upgrade reflects our increased expectation that Caisse de depot et placement du Quebec, which is now the majority shareholder of APGL, will provide support to Azure Power Energy and Azure Power Solar in case of need," said Abhishek Tyagi, a Moody's vice president and senior analyst, in a press release.

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