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Bond Market News
Azure Power Energy Upgraded to B+ on Governance Improvements
September 11, 2025
Azure Power Energy (Azure Restricted Group 3) was upgraded to B+ from B by Fitch following substantial improvement in the corporate governance of the parent company Azure Power Global Limited (APGL). APGL announced the court’s approval of a $23mn settlement of a shareholder class action suit, which Fitch said reduced downside risks and signaled strengthened governance. Fitch highlighted the restoration of timely financial disclosures at both APGL and Azure RG3, as well as the removal of prior audit qualifications related to internal controls. The agency noted that APGL has maintained access to funding even after governance setbacks in 2024. Fitch highlighted that Azure RG3’s financial profile remains stronger than the current rating level, although there is slight concern due to a higher-than-expected rupee depreciation. Fitch also noted that Azure RG3 benefits operationally from a portfolio of long-term fixed-price Power Purchase Agreemnts (PPA) with a weighted average life of ~16 years.
Azure Power’s 3.575% 2026s are currently trading stable at 97.79, yielding 6.1%.
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