1 Min Read
May 30 (Reuters) - Moody's:
* Moody's says downgrades Reliance Communications to Caa1; ratings on review for further downgrade
* Moody's says downgraded Reliance Communications' corporate family rating and senior secured bond rating to Caa1 from B2
* Moody's says Reliance Communications' downgrade reflects its "weak operating performance, high leverage and fragile liquidity position"
* Moody's says given weak operating outlook,high competitive intensity of indian mobile sector,no scope for Rcom to delever, absent successful execution of corporate restructuring
* Moody's says further downward pressure on Rcom's ratings is possible if it fails to address its liquidity position within the next 3 months
* Moody's says further downward pressure on Rcom's ratings is also possible if it fails to provide a clear refinancing plan for pending maturities over next 12-15 mths Source bit.ly/2rgaMph Further company coverage: