Canindia News

CRISIL downgrades Vodafone Idea’s Rs 3,500 cr NCD

New Delhi, Feb 20 (IANS) Rating agency CRISIL has downgraded Vodafone Idea’s Rs 3,500 crore debt paper in view of lower likelihood of any relief from the government.

“CRISIL has downgraded its rating on Non-Convertible Debentures of Rs 3,500 crore of erstwhile Vodafone Mobile Services Limited (since merged with the Company). The downgrade is in view of lower likelihood of any relief from Government of India after the Supreme Court on February 14, 2020, did not grant any relief in respect to the modification request filed by the telecom companies (telcos), including VIL and also has directed the telcos to make the payment before the next hearing on March 17, 2020,” Vodafone Idea said on Thursday.

On Tuesday, Care Ratings (CARE) had downgraded its ratings on the long-term bank facilities and non-convertible debentures.

“The downgrade inter-alia is on account of significant erosion in the overall risk profile of the company while taking into cognisance the financial impact of no relief being granted on modification plea on February 14, 2020 of telecom companies (telcos) seeking new schedule of Adjusted Gross Revenues (AGR) dues by the Supreme Court and significant losses to the tune of Rs 6,453 crore in Q3FY20,” CARE had said.

–IANS

ana/sn/kr

YOU MAY ALSO BE INTERESTED IN

IIFL dealer, 5 others barred from securities market for front running

CanIndia New Wire Service

India can become AI laboratory of the world: NITI Aayog CEO

CanIndia New Wire Service

India needs to move beyond exporting raw materials: Goyal

CanIndia New Wire Service

Growth in data tariffs, broadband reach show move towards higher ARPU

CanIndia New Wire Service

Three pvt banks in TN, Kerala hit headlines for wrong reasons

CanIndia New Wire Service

Stimulus, healthy macros expected to lift markets (IANS Equity Outlook)

CanIndia New Wire Service

‘CIRP threshold against personal guarantors should be raised’

CanIndia New Wire Service

Unscathed: Pent-up demand more sustained, predictable now, says Kia India (IANS Special)

CanIndia New Wire Service

Accounts not performing due to delay won’t be labelled NPAs: Centre

CanIndia New Wire Service

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

SUBSCRIBE TO OUR WEEKLY NEWSLETTER

Stay up to date with the latest news and exclusive offers directly in your inbox