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

Rolta IndiaAnnouncement

01/06/2016 15:45

RNS Number : 9381Z
Rolta India Limited
01 June 2016
Date: June 1, 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
S&P Ratings
Long Term corporate credit rating
CCC-
SD*
Rolta Americas LLC 
S&P Ratings
Senior Unsecured Notes
CCC-
CC
Rolta LLC 
S&P Ratings
Senior Unsecured Notes
CCC-
CC
Note: SD - Selective default
Name of the Company
Credit Rating Agency
Type of Credit Rating
Existing
Revised
Rolta India Limited
India Ratings & Research
Long Term corporate credit rating
IND BBB-
IND D
Due to an unprecedented stretched working capital situation, the company could not pay certain dues to banks and the wholly owned subsidiary Rolta LLC missed payment of interest on 10.15% Senior Unsecured Notes, which was due on 16th May, 2016. There is a grace period of 30 days for this payment of interest. This situation has arisen due to lower collection especially from the government business. Also, it can be attributed to sluggish oil price resulting into lower business/collection from the oil sector customers. The above mentioned factors put extra pressure on the company's working capital resulting in to the above situation.
Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/9381Z_-2016-6-1.pdf
http://www.rns-pdf.londonstockexchange.com/rns/9381Z_1-2016-6-1.pdf

This is for your information and records. 
Yours Faithfully
Rolta India Limited
Company Secretary
Encl. a/a

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