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Fitch downgrades rating assigned to RCom’s arm

31 Jan 2018 Evaluate

Fitch has downgraded rating assigned to Global Cloud Xchange (GCX), a subsidiary of Reliance Communications (RCom), citing a variety of factors, including the woes of its parent RCom.

GCX’s issuer default rating has been downgraded to ‘CCC’ from the earlier ‘B-‘, while the one on the $350- million secured notes due 2019 has been revised down to ‘B-‘ from ‘B+’, with a recovery rating of ‘RR2’.

RCom is India’s foremost and truly integrated telecommunications service provider.

Peers
Company Name CMP
Bharti Airtel 1833.00
Vodafone Idea 13.20
Indus Towers 385.00
Tata Communications 1660.15
Railtel Corp. India 254.45
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