CARE downgrades rating of GTL’s bank facilities

30 Jun 2011 Evaluate

Credit rating agency, CARE has revised the rating of Rs 100 crore long term bank facilities of GTL to ‘BB+’ from ‘A’. The rating agency has also revised rating of the company’s Rs 3,900 crore short term bank facilities to ‘A4’ from ‘A2+’.

The revision of the ratings takes into account the deterioration in the company’s capital structure on account of a persistent delay in its proposed equity infusion, significant liquidity constraints faced by the company because of its high receivables and increased investments in financially beleaguered group entities impacted adversely by the slowdown in the telecom sector, and the company’s substantial debt repayments in the short to medium term.

GTL is amongst the leading network services company. Being part of Global Group, the company offers a complete solution in Network Life cycle starting from planning and design to deployment, to operations and maintenance and enhancement and evolutions.

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