Fitch Ratings has downgraded Rolta India’s long-term foreign and local-currency Issuer Default Ratings (IDRs) to ‘B’ from ‘BB-’, indicating a negative outlook due to expectations of weakening liquidity.
‘BB’ ratings indicate that there is an elevated vulnerability to default risk, particularly in the event of adverse changes in business. However, there exists a financial flexibility that supports the servicing of financial commitments for the company. On the other hand, ‘B’ ratings indicate a material default risk is present but a limited margin of safety remains.
Simultaneously, Fitch has downgraded the rating on Rolta LLC’s $127 million, 10.75 percent senior unsecured notes (due 2018) and Rolta Americas LLC’s $367 million, 8.875 percent senior unsecured notes (due 2019), and Rolta’s senior unsecured rating to ‘B’ from ‘BB-’and assigned Recovery Ratings of ‘RR4’.
Company Name | CMP |
---|---|
TCS | 3970.90 |
Infosys | 1583.10 |
HCL Tech. | 1471.00 |
Wipro | 530.30 |
Tech Mahindra | 1461.20 |
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