International rating agency, Moody’s Investors Service, Inc. has revised Reliance Communications’ corporate family rating and senior secured notes rating from ‘B1’ to ‘B2’ with negative outlook.
The rating agency has stated that EBITDA from the company’s Indian operations - which contribute around 85% of EBITDA, will remain under pressure over next 6-12 months in light of intensifying competition in India’s mobile sector and the government’s demonetization in early November 2016.