As per the rating rationale, the downgrade is in view of lower likelihood of any relief from Government of India after the Supreme Court on 14 February 2020, did not grant any relief in respect to the modification request filed by the telcom companies (telcos), including VIL and also has directed the telcos to make the payment before the next hearing on 17 March 2020.
The revised credit ratings is as under -
Non Convertible Debentures - CRISIL B+ / (Rating watch with negative implications)
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