Ind-Ra downgrades rating on Voda-Idea Rs 3,500-cr NCDs

Mumbai: India Ratings and Research (Ind-Ra) has downgraded its rating on non convertible debentures of Rs. 3,500 crore of Vodafone Idea on the back of Supreme Court rejecting the telco’s review petition against payment of statutory dues .

“India Ratings and Research (Ind-Ra) has downgraded its rating on nonconvertible debentures of Rs. 3,500 crore of erstwhile Vodafone Mobile Services (since merged with the Company),” said the telco in a regulatory exchange on Friday .

The rating has been brought down from BBB to BBB minus. Vodafone India and Idea Cellular completed their merger in August 2018 to become Vodafone Idea . The rating agency explained that the downgrade is on account of “crystallisation of adjusted gross revenue related liabilities, post the dismissal of the review petition by the Supreme Court”.