June 01, 2017 09:13 pm | Updated 09:16 pm IST - NEW DELHI
Fitch on Thursday downgraded telecom operator Reliance Communications to junk grade, saying loan default is a “real possibility” and red-flagged its poor liquidity and excessive refinancing risk.
The latest action by the credit rating agency comes on the heels of a downgrade by other rating agencies such as Moody’s Investors Services, ICRA and CARE, and is expected to add to financial woes of the Anil Ambani-owned telecom firm that is straddled with ₹44,000 crore net debt.
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