Friday, 27 January 2017

Moody`s revises secured notes rating of Reliance Communications

Leading telecom company, Reliance Communications Ltd has informed in a filing to the Bombay Stock Exchange that Moody’s Investors Service, Inc. (Moody), International rating agency, has revised Company’s corporate family rating and Senior Secured Notes rating from “B1” to “B2” with negative outlook. Moody has stated that EBITDA from the Company’s Indian operations - which contribute around 85 per cent of EBITDA, will remain under pressure over next 6-12 months in light of intensifying competition in India’s mobile sector and the government’s demonetization in early November 2016. 

Meanwhile, shares of the company were trading at Rs 31.15 apiece, up 0.97 per cent from the previous close at 09:45 hours on BSE.

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