Credit rating agency, ICRA has re-affirmed the rating of A+ for the Rs 150 crore NCD program of Tulip Telecom. The outlook on the long term rating has been revised to negative from stable. The rating agency has also reaffirmed the short term rating of A1 for Rs 150 crore Commercial Paper program of the company.
The revision in outlook, factors in the refinancing risk on the redemption of Foreign Currency Convertible Bonds (FCCBs) of around $97 million, which are falling due in August 2012. The company is actively making efforts towards raising funds for refinancing of the FCCBs and ICRA will continue to closely monitor the developments in this respect and assess the outcome on the company’s credit profile.
Tulip Telecom is a data telecom service and IT solutions provider. The company offers an innovative IP based infrastructural solutions to its customers. Tulip designs, implements and manages communication networks of large enterprises on long term contracts to include enterprise communications connectivity, network integration, managed and value added services.
