Crisil Ratings has upgraded its ratings on Adani Power's Rs 38,000 crore of bank loan facilities to 'AA-', saying the business and financial risk profile of the company has seen "strong improvement". The loan facilities were rated 'A' with a stable outlook earlier. "The rating upgrade follows the strong improvement in the business and financial risk profiles of APL," Crisil Ratings said in a report. The upgradation is driven by better-than-expected operating performance backed by timely commissioning and ramp-up of the Godda power plant (1.6 GW), Mahan power plant (1.2 GW), full recovery of pending regulatory dues related to claims for fuel costs as pass-through under change in law clauses of existing power purchase agreements (PPAs) and continued improvement in receivables, it said. "The rating also factors in the completion of most of the regulatory investigations into Adani Group.