Rating firm ICRA has downgraded the long term rating assigned to Rs 5,000 crore non-convertible debenture and Rs 28,116 crore long-term fund based/non-fund based limits of Reliance Communications from 'LAA+' to 'LAA'.
The long term rating continues to remain under watch with negative implications. This apart, ICRA also has an outstanding rating of A1+ against the Rs 7,314 crore short-term fund-based/non-fund basedlimits and Rs 2,000 crore commercial paper of RCom.
"The rating action takes into consideration the delay in the proposed equity infusion and continuing regulatory uncertainties, which in ICRA’s opinion, may impact the company’s ability to deleverage its balance sheet," ICRA said.
The company’s management has maintained that the equity raising plans are in progress and any such infusion would be used to deleverage the company.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app