Credit rating agency -- India Ratings and Research (Ind-Ra) has downgraded its rating on Non-Convertible Debentures of Rs 3,500 crore of Vodafone Mobile Services (since merged with the Company). The downgrade is on account of severe stress on the Company's near-term liquidity post the Supreme Court's ruling on 14 February 2020, which directed the telecom companies (telcos) to pay the adjusted gross revenue (AGR) related liabilities to the government of India by March 17, 2020.
The rating on Non-Convertible Debentures has been revised from BBB-/ RWN to B/RWN.
Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It is developing world-class infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence.
