India Ratings cuts rating on Vodafone convertible bonds

New Delhi: Ratings firm India Ratings has downgraded its rating on convertible bonds issued by Vodafone before its merger with Idea Cellular.

“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 14 February 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.