Reliance Infrastructure disagrees with downgrade by India Ratings

Reliance Infrastructure on Friday said that it disagrees with the decision by credit rating agency India Ratings and Research (Ind-Ra) to downgrade its debt over the delay in the proposed debt reduction plans of the firm.

The company said that it "respectfully" disagrees with the views of India Ratings, Reliance Infrastructure said in a filing to BSE.

Ind-Ra "has revised its rating to IND A+(SO) (RWN) on the company's regulatory asset debt, IND A1 (RWN) on the company's short-term debt and commercial papers and IND A (RWN) on the company's long-term debt (bank facilities and non-convertible debentures," it said adding that Ind-Ra is of view that there has been delay in the proposed debt reduction plan of the company," the company said.

Reliance Infrastructure stressed that series of steps were undertaken with regard to asset monetisation which includes the filing of offer document to divest roads business through InvIT, constant discussions with regard to divesting Mumbai Power and transmission business.

In addition, the company recently won Rs 4,700 crore arbitration award with regard to Delhi Airport Metro Express project, the filing said, adding that the activities will empower Reliance Infrastructure to become debt-free.

The company said that it is of the view that India Ratings did not appropriately factor in the above measures taken by the company while assigning the rating.