Moody’s Investor Service, Fitch Ratings Downgrade RCom credit ratings for Second Time
Shital Jibhe / 07 Jun 2017
On Tuesday, Fitch Ratings and Moody's Investor Service downgraded Reliance Communications (RCom) for the second time even though the company received a seven months extension from bankers to repay the mounting debts.
On Tuesday, Fitch Ratings and Moody's Investor Service downgraded Reliance Communications (RCom) for the second time even though the company received a seven months extension from bankers to repay the mounting debts.
Suggesting that the debt is highly speculative and likely in, or very near, default, with some prospect of recovery of principal and interest, Moody’s cut its rating to Ca from Caa1.
RCom’s rating was lowered to RD from CCC by Fitch Ratings and had previously cut its rating on June 2.
The company’s subsidiary GCX Limited also faced the heat as Moody’s earlier downgraded the company’s corporate family rating and senior secured bond rating from B2 to B3.
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