The ratings on Reliance Communications and its subsidiary Global Cloud Xchange will be “unaffected” by the debt restructuring plan outlined by the company, according to Fitch Ratings.
Re-rating will happen after clarity on the execution of sale of its assets and the capital structure of the revamped entity, it added.
Earlier this week, billionaire Anil Ambani-led Reliance Communications said lenders will convert part of their debt to equity to gain 51 per cent control of the company.
The debt-laden firm, which plans to shut mobile telephony business by November-end, will sell telecom tower and real estate businesses to pay off Rs 27,000 crore out of Rs 45,000 crore of loan on its books.
Rcom said it has made a comprehensive “deb…
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