On May 27, 2016, Fitch Ratings downgraded Rolta India Limited’s Issuer Default Ratings and senior unsecured class rating to CC from B. Simultaneously, Fitch downgraded the ratings on the Rolta, LLC’s $127 million 10.75% senior unsecured notes due 2018 and Rolta Americas LLC’s $367 million 8.875% senior unsecured notes due 2019 to CC from B. According to Fitch, the rating action reflects Fitch’s assessment that short-term liquidity has deteriorated to a position where credit risk is very high.
On May 31, 2016, S&P Global Ratings lowered its long-term corporate credit rating on Rolta India Ltd. to SD from CCC- and the long-term issue rating on the senior unsecured notes issued by Rolta Americas LLC and Rolta LLC to CC from CCC-. “We downgraded Rolta because the company has missed the payments on its credit facilities by more than 30 days,” said S&P Global Ratings credit analyst Ashutosh Sharma. In S&P’s view, this constitutes a selective default by the Company.
On June 2, 2016, Fitch Ratings downgraded Rolta India Limited’s Issuer Default Ratings to RD from CC. Simultaneously, Fitch downgraded the Rolta, LLC’s $127 million 10.75% senior unsecured notes due 2018 and Rolta Americas LLC’s $367 million 8.875% senior unsecured notes due 2019 to C from CC. Fitch also downgraded the Rolta’s senior unsecured class rating to C from CC. According to Fitch, the rating action follows Rolta’s disclosure that bank loans of $35 million due on March 31, 2016 are still outstanding and Fitch’s understanding that there has been no agreement between the lenders and Rolta to extend this maturity. Read more on distressed companies.
The post Rolta India Limited Downgraded Three Times appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.