 Moodys Investors Service has upgraded to Ba2 from Ba3 the senior unsecured ratings assigned to the USD notes issued by Azure Power Energy Ltd. At the same time, Moodys has upgraded to Ba1 from Ba2 the ratings of senior unsecured USD notes issued by Azure Power Solar Energy Private Limited Azure Power Solar and backed by Azure Power Global Limited APGL. Azure Power Energy is a special purpose vehicle that has used the proceeds from the USD notes to subscribe to senior secured Indian rupee INR-denominated bonds and loans as external commercial borrowings issued by 17 restricted subsidiaries in the restricted group RG-1. 