adithya
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NEW DELHI: Ratings agencies Moody's and Fitch have assigned stable outlook on $300 million debt facility of telecom firm Reliance Communications.
While assigning a definitive Ba3 rating to the RCom's $300 million 6.50 per cent senior secured notes due 2020, Moody's said, "The outlook on the rating is stable."
Fitch assigned BB-/stable rating to these notes through which RCom raised funds last month.
Moody's Assistant Vice President and Analyst Nidhi Dhruv said that RCom's Ba3 rating reflects its meaningful market position as the fourth largest integrated mobile operator in India's growing telecom industry.
"The rating is constrained by Rcom's high leverage and strained liquidity profile, thereby weakly positioning it in its rating category. However, management has undertaken a deleveraging initiative that is premised largely on the monetisation of various non-core assets, alongside continued improvements in the operating performance," Dhruv said.
Based on RCom share's closing price of Rs 60.65 on April 30, when the pledge was made, these shares were worth over Rs 75 crore.
source:
Ratings agencies assign stable outlook on Reliance Communication's $300mn debt - The Economic Times
Moodys Outlook Stable on Reliance Communications $300 Mn Debt - NDTVProfit.com
Fitch Rates Reliance Communications USD300m Notes Final 'BB-'
Moody's and Fitch assign stable outlook on RCom's $300mn debt | ET Telecom
While assigning a definitive Ba3 rating to the RCom's $300 million 6.50 per cent senior secured notes due 2020, Moody's said, "The outlook on the rating is stable."
Fitch assigned BB-/stable rating to these notes through which RCom raised funds last month.
Moody's Assistant Vice President and Analyst Nidhi Dhruv said that RCom's Ba3 rating reflects its meaningful market position as the fourth largest integrated mobile operator in India's growing telecom industry.
"The rating is constrained by Rcom's high leverage and strained liquidity profile, thereby weakly positioning it in its rating category. However, management has undertaken a deleveraging initiative that is premised largely on the monetisation of various non-core assets, alongside continued improvements in the operating performance," Dhruv said.
Based on RCom share's closing price of Rs 60.65 on April 30, when the pledge was made, these shares were worth over Rs 75 crore.
source:
Ratings agencies assign stable outlook on Reliance Communication's $300mn debt - The Economic Times
Moodys Outlook Stable on Reliance Communications $300 Mn Debt - NDTVProfit.com
Fitch Rates Reliance Communications USD300m Notes Final 'BB-'
Moody's and Fitch assign stable outlook on RCom's $300mn debt | ET Telecom
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