Azure Power Global’s two group companies were downgraded by Moody’s. Azure Power Energy’s (APE) senior unsecured ratings were downgraded to B1 from Ba3 and Azure Power Solar Energy’s (APSE) senior unsecured ratings were cut to Ba3 from Ba2. Moody’s cited governance issues related regarding Azure’s internal controls and compliance as the primary reasons. This comes after the group delayed the filing of the audited financials for the above two restricted group companies besides seeing “whistleblower complaints and high senior management turnover”. However, it notes that the companies’ ratings still derive have support from their majority shareholder, Caisse de depot et placement du Quebec (CDPQ) that has a 53.4% stake. The two units represent around 43% of Azure Power Global’s operational capacity, and are thus significant to the group’s operational and financial performance.