Credit rating agency, CARE has reaffirmed ‘C’ rating to GTL’s long term bank facilities worth Rs 100 crore and ‘A4’ rating to company’s Short term Bank Facilities worth Rs 3,900.00 crore. The rating agency has also reaffirmed ‘C’ rating to the company’s Non-Convertible Debentures (NCD) worth Rs 1,400 crore.
The company has received the said rating on the back of its admittance to Corporate Debt Restructuring (CDR) and the liquidity pressure faced by the company as a result of high receivables along with uncertainties in the regulatory environment for the telecom operators.
GTL is engaged in providing network-related solutions to various telecom service providers and technology providers (OEMs), globally. The company provides network-related solutions to the telecom carriers through its Network Services Division (NSD) covering the entire network life cycle, i.e., from network planning and designing, rollout of network and application management and operations & maintenance.
