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Fitch downgrades RCom’s long-term foreign, local currency ratings

Fitch Ratings has downgraded Reliance Communications’ (RCom’s) long-term foreign- and local-currency ratings to ‘CCC’ from ‘B+’, and its $300 million 6.5 per cent senior secured notes due 2020 to ‘CCC/RR4’ from ‘B+/RR4’. The downgrade comes amid growing concern that RCom will struggle to pay its hefty debts.

Moody’s Investors Service and its Indian affiliate ICRA cut their ratings on RCom deeper into sub-investment territory earlier this week.

RCom had reported loss of Rs 948 crore in March quarter, compared to a net profit of Rs 79 crore in year-ago period, hurt by the intense price war unleashed by newcomer RJio.

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