May 30, 2017 / 3:20 PM / in 6 months

BRIEF-Moody's downgrades Reliance Communications to Caa1 from B2

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 Further company coverage:

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