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CRISIL downgrades Vodafone Idea's debt on AGR liability
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SME Times News Bureau | 25 Jan, 2020
The downgrading spree continues
for Vodafone Idea as rating agency CRISIL is the latest which downgraded
its rating on Non-Convertible Debentures of Rs 3,500 crore.
"It
is hereby informed that CRISIL, has downgraded its rating on
Non-Convertible Debentures of Rs 3,500 crore of erstwhile Vodafone
Mobile Services Limited (since merged with the Company)", the company
said.
As per the rating rationale, the downgrade is on account of
expectation of a significant deterioration in Company's financial risk
profile on account of the potential payout against the adjusted gross
revenue (AGR) related liability, post the dismissal of the review
petition by the Supreme Court. However, the Supreme Court has agreed to
hear the modification application filed by telecom companies next week,
wherein the telcos have requested modification in the original order
dated October 24, 2019, to decide upon the payment schedule for AGR
liabilities and any other relief measures with DoT", the company said in
the filing.
Earlier the rating was downgraded from BBB to BBB
minus by India Rating also. "India Ratings and Research has downgraded
its rating on non convertible debentures of Rs 3500 crore of erstwhile
Vodafone Mobile Services Ltd (since merged with the company) as per the
rating rationale uploaded on its website today," the company said.
Vodafone Idea has to pay Rs 53,038 crore as AGR to government. The case will be heard next week.
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