India Ratings and Research (Ind-Ra) and Crisil have downgraded telecom major Vodafone Idea's long-term issuer ratings on non-convertible debentures (NCDs) worth Rs 3,500 crore.The NCDs were issued on June 12, 2015 and are due to mature on July 10, 2020. On Thursday, Care Ratings had downgraded Vodafone Idea's long-term bank facilities and non-convertible debentures to Care A-minus with negative implications.Late on Friday, Ind-Ra downgraded the telecom company's rating to IND BBB from IND A plus and simultaneously placed it on rating watch negative (RWN). The outlook on earlier rating was negative."The rating action reflects heightened risk on Vodafone Idea's near-term liquidity position, deterioration in operating performance and weakening of financial support from the promoters (Aditya Birla Group and Vodafone Plc) in FY22," it said.Ind-Ra gave three broad reasons for its action: adverse Supreme Court ruling on October 24, risk of acceleration of bank loans and delay in asset ...
