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RELIANCE COMMUNICATIONS LTD. - Credit Rating
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20 Dec 2016
Reliance Communications Ltd has informed BSE that Fitch Ratings (Fitch), International rating agency, has revised Companys ) Long-Term Foreign, Local Currency Issuer Default Ratings and Senior Secured Notes (Notes) ratings from &apos;BB-&apos; to &apos;B+&apos;. Fitch has also placed on Rating Watch Negative and assigned a Recovery Rating of &apos;RR4&apos; to the Notes.&lt;BR&gt;&lt;BR&gt;Fitch has stated that the demerger of the wireless business and sale of the Infratel stake, if completed, will leave Companys debt servicing dependent on cash flow from its business-to-business enterprise, optical fibre and pay-TV business.&lt;BR&gt;&lt;BR&gt;Fitch estimate that the Companys pro forma (excluding GCX) net debt and EBITDA would be around USD1.5bn-1.6bn and USD240m-250m respectively in the financial year to end-March 2018 (FY18) after the wireless demerger and stake sale in Infratel.&lt;BR&gt;&lt;BR&gt;Fitch has also acknowledged that the Company could raise further capital to pay down holding Company debt through the sale of its pay-TV business, dilution of some of its stake in GCX and selling surplus real estate.
View all announcements for RELIANCE COMMUNICATIONS LTD. Source: BSE India