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BRIEF-Reliance Communications disagrees with recent rating actions by Moody's and Fitch on June 6
June 7, 2017 / 10:07 AM / 2 months ago

BRIEF-Reliance Communications disagrees with recent rating actions by Moody's and Fitch on June 6

2 Min Read

June 7 (Reuters) - Reliance Communications Ltd:

* Says co commenting on credit rating actions by Moody's and Fitch on Tuesday, 6 June 2017

* Disagree with recent rating actions by both agencies; believe that rating actions do not reflect servicing track record of co

* Says the ratings by Moody's and Fitch apply only to 6.5 pct USD bonds maturing in November 2020

* Says bonds have always been serviced regularly on the due dates and are fully current in servicing, as on date

* Rating agencies not given credit to advanced stage of corporate deals which are expected to deleverage balance sheet by about $4 billion within few months

* Says bonds concerned constitute about 4 pct of the total debt of the company

* Says appears recent positive development of standstill period agreed by lenders been viewed negatively by rating agencies on certain technical grounds

* May also be noted that in 2012, co had redeemed FCCBs aggregating $1 bln on specified due date on maturity, at full redemption value Source text: (bit.ly/2rKNdoF) Further company coverage:

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