Rating Action: Moody’s places Azure Power Energy and Azure Power Solar Energy ratings under review for downgradeGlobal Credit Research – 23 Aug 2022Singapore, August 23, 2022 — Moody’s Investors Service has placed Azure Power Energy Ltd’s (APE) Ba2 senior unsecured rating and Azure Power Solar Energy Private Limited’s (APSEP) Ba1 backed senior unsecured rating on review for downgrade.At the same time, Moody’s has also changed the outlooks to ratings under review from stable.APE is a special purpose vehicle that used the USD note proceeds to subscribe to senior secured Indian rupee (INR)-denominated bonds and loans, as external commercial borrowings issued by 16 restricted subsidiaries in the restricted group (RG-1). APE is also part of RG-1.APSEP is a special purpose vehicle that has used the USD note proceeds to subscribe to senior secured INR-denominated bonds and loans, as…
Azure Power Solar Energy Private Limited — Moody’s places Azure Power Energy and Azure Power Solar Energy ratings under review for downgrade
