S&P gives Diamond II bonds Ba3

S&P said it gave Diamond II Ltd.’s planned dollar-denominated senior secured bonds a Ba3 rating.

Diamond is a unit of ReNew Power Private Ltd. Moody’s concurrently affirmed its Ba3 ratings on ReNew and its bonds. ReNew will guarantee the bonds.

The issuer plans to lend the proceeds to certain ReNew subsidiaries that will use the funds to repay debt and to fund general corporate purposes including capital expenditures.

The outlook is stable.

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