India Ratings (Ind-Ra) upgraded Adani Power's Non-Convertible Debentures (NCDs) and long-term bank facilities to 'IND AA+' from 'IND AA', with a Stable Outlook.

Short-term bank facilities were affirmed at 'IND A1+'. The upgrade highlights the company's strong business profile, contracted portfolio, fuel security, healthy cash flows, and robust financial flexibility supporting expansion.