Fitch has downgraded its long-term corporate credit rating on Rolta India due to non-payment of bank loans by the IT services firm. The Global rating agency has downgraded Rolta India to ‘RD’ (Restricted Default), which indicates that in the rating agency’s opinion the issuer has experienced an uncured payment default on its financial obligations.
Recently, Standard & Poor’s (S&P) downgraded its long-term corporate credit rating on Rolta India to ‘CCC-’ from ‘B+’ for missing on interest payment on unsecured notes.
Rolta India conducts business in India, and internationally through subsidiaries in various countries. Rolta is a leading provider of innovative IT solutions built around its intellectual property for many vertical segments, including Federal and State Governments, Defence, Homeland Security, Utilities, Process, Power, Financial Services, Manufacturing, Retail, and Healthcare.
