COIMBATORE:
Fitch Ratings
has withdrawn
Reliance Communications Limited's (Rcom) Long-Term Foreign and Local-Currency Issuer Default
Ratings
(IDR). The agency has also withdrawn ratings on
Rcom's $300 million 6.5% senior secured notes due in 2020.
Fitch has chosen to withdraw the ratings on Rcom for commercial reasons. Accordingly,
Fitch
will no longer provide ratings or analytical coverage for Rcom.
On October 30, Rcom announced a plan to restructure its Rs 45,800 crore ($7 billion) of debt. Rcom said it plans to convert debt of Rs 7,000 crore into equity, sell spectrum, tower and fibre assets for Rs 17,000 crore and sell real estate of Rs 10,000 crore.
The company is currently in a standstill agreement with its bank lenders until end-December 2018. Rcom defaulted on a coupon due on its $300 million secured notes on November 6.
M Allirajan writes for the business section of The Times of India...
Read MoreM Allirajan writes for the business section of The Times of India. He has been tracking mutual funds and markets for nearly four years. Having worked in a business newspaper and a business magazine tracking the emerging trends in business and developments in corporate India, he believes in giving straight, simple and reader friendly content. When not following markets and developments in the mutual funds space, he reads books and listens to music.
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