Fitch Ratings has downgraded Azure Power Energy’s (Azure RG3) US dollar bond from ‘BB+’ to ‘BB’ on corporate governance concerns it said is evident from the company’s failure to manage regulatory financial disclosures past statutory timeline.
It also cut rating on Azure Power Solar Energy’s (Azure RG2) US dollar bond from ‘BB’ to ‘BB-‘ (RG stands for restricted group). The two companies are part of Azure Power group, a renewable power producer in India with a portfolio of more than 7.4 GW of high-quality renewable energy assets.
Ratings remain on Rating Watch Negative (RWN), Fitch said in a statement on Monday.
