Reliance Communications has informed about the Credit Analysis & Research (CARE) has revised the long term facility rating from ‘CARE A-’ to ‘CARE BB’ and the short term facility rating from ‘CARE A2+’ to ‘CARE A4’, with credit watch with developing implications. CARE stated that the revision in the rating factors change in the competitive landscape of the telecom industry with the entry of the new operator, intense competition putting pressure on the sector profitability, and delay in the deleveraging exercise of the Company.
The above information is a part of company’s filings submitted to BSE.
