Care downgrades rating on Vodafone Idea’s long term bank facilities, NCDs

Vodafone Idea on Monday said Care Ratings has downgraded rating on its long term bank facilities and non-convertible debentures.

The downgrade is on account of “significant erosion” in the overall risk profile of the company in the wake of absence of relief on modification plea relating to AGR dues on February 14.

It also takes cognizance of recent losses suffered by the company in the quarter ended December.

In a regulatory filing, Vodafone Idea said that Care Ratings Limited (CARE) has downgraded its rating on long term bank facilities and non-convertible debentures. The rating on long term bank facilities and non-convertible debentures has been revised to ‘BB-‘ from ‘BBB-‘.