REG - Rolta India Limited - Intimation w.r.t. Revision in Ratings <Origin Href="QuoteRef">ROLT.NS</Origin>

Rolta IndiaAnnouncement

03/06/2016 16:05

RNS Number : 2242A
Rolta India Limited
03 June 2016
  Date: June 3, 2016
To,
Bombay Stock Exchange Limited (BSE) 
Listing Department,
P J Towers, Dalal Street,
Mumbai - 400 001.
To, 
National Stock Exchange of India Limited
"Exchange Plaza"
Bandra Kurla Complex
Bandra (E) Mumbai - 400 051.
Sub: Intimation of revision in Ratings under the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015.
This has reference to the Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015. In accordance with the said Regulation(s), please find below the details of revision in ratings for the company and its subsidiaries. Report of the rating agency covering the rationale for the revision in credit rating is enclosed.
Name of the Company
Credit Rating Agency
Type of Credit Rating
Existing
Revised
Rolta India Limited
Fitch Ratings
Long Term Foreign and Local currency Issuer Default Ratings
CC
RD
Rolta LLC 
Fitch Ratings
Senior Unsecured Notes, due 2018
CC With RR4
C With RR5
Rolta Americas LLC 
Fitch Ratings
Senior Unsecured Notes, due 2019
CC With RR4
C With RR5
Note: SD - Restrictive default and RR - Recovery Rating.
The recent rating downgrade by Fitch, S &P and India Ratings is due to non-service of interest on Senior Notes by Rolta LLC and areas ECB installment of the Company. 
The Company is taking all steps to address these issues and in constant dialog with domestic and international bankers and receiving all co-operation from them in this regard. Rating agencies have stated that once the dues are paid, the rating will be suitably revised.

Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/2242A_-2016-6-3.pdf
This is for your information and records. 
Yours Faithfully
Rolta India Limited
Asst. Company Secretary
Encl. a/a

This information is provided by RNS
The company news service from the London Stock Exchange
  END
MSCBSGDLLUGBGLX