8,597.75316.65
Stock Analysis, IPO, Mutual Funds, Bonds & More

India Ratings downgrades Vodafone’s NCDs

India Ratings has downgraded the rating on Vodafone's non-convertible debentures worth Rs 3,500 crore from ‘BBB-’ to ‘B’.

ET Bureau|
Last Updated: Feb 18, 2020, 08.13 PM IST
0Comments
Shutterstock.com
Vodafone-Shutter-1200
Vodafone Idea owes Rs 56,000 crore to the government as AGR dues and paid Rs 2,500 crore on Monday.
New Delhi: India Ratings has downgraded rating on convertible bonds issued by Vodafone before its merger with Idea Cellular.

The agency has downgraded the rating on Vodafone's Non-Convertible Debentures worth Rs 3,500 crore from ‘BBB-’ to ‘B’, the company informed the exchanges on Tuesday.

"As per the rating rationale published on the website, the downgrade is on account of severe stress on the company's near-term liquidity post the Supreme Court's ruling on February 14, 2020, which directed the telecom companies (telcos) to pay the adjusted gross revenue (AGR) related liabilities to the government of India by 17 March 2020," the company said.

Vodafone Idea owes Rs 56,000 crore to the government as AGR dues and has paid Rs 2,500 crore on Monday. The company also said it will pay another Rs 1,000 crore by this week.

Also Read

India Ratings cuts outlook on base metals to negative

COVID-19 to slow down construction execution pace: India Ratings

India Ratings revises steel sector outlook to negative from stable

India Ratings maintains negative outlook on real estate for FY21

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service