Business

CARE Ratings downgrades Vodafone Idea

Care Ratings Limited (CARE), has downgraded its rating on long-term bank facilities and non-convertible debentures (NCDs) of Vodafone Idea to CARE BB- (under credit watch with negative implications).

The ratings were downgraded on account of a significant erosion in the overall risk profile of the company while taking cognisance of the financial impact after not being granted relief on the modification plea of February 14, 2020 in which telecom companies sought a new schedule of adjusted gross revenue dues by the Supreme Court, and significant losses to the tune of ₹6,453 crore in Q3FY20, Care said.

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Printable version | Mar 29, 2020 8:55:06 AM | https://www.thehindu.com/business/care-ratings-downgrades-vodafone-idea/article30845306.ece

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