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TEXT-Fitch drops Spice Communications' ratings
March 1, 2012 / 10:57 AM / 6 years ago

TEXT-Fitch drops Spice Communications' ratings

(The following statement was released by the rating agency)

March 01 - Fitch Ratings has withdrawn India-based Spice Communications Limited’s (SCL) National Long-Term rating of ‘Fitch BBB(ind)’ with Stable Outlook. Simultaneously, the agency has withdrawn SCL’s bank loan ratings as listed below.

The ratings have been withdrawn as SCL has ceased to be a legal entity following its merger in March 2010 with Idea Cellular Limited (Idea). Fitch will no longer provide ratings or analytical coverage of this entity.

- Bank facilities totalling INR7.8bn backed by letters of support (LoS) from TM International Berhad (TMI): ‘Fitch A1(SO)(ind)'; rating withdrawn

- Two bank facilities of INR3bn and USD50m (INR2.4bn) supported by an LoS and deed of undertaking from TMI: ‘Fitch A-(SO)(ind)'; rating withdrawn

- INR550m non fund-based limits based on an unconditional, irrevocable corporate guarantee from Idea: ‘Fitch A+(SO)(ind)'/‘Fitch A1+(SO)(ind)'; ratings withdrawn

- INR650m non fund-based limits based on the credit enhancement available for the issuance through an LoS from TMI: ‘Fitch A1(SO)(ind)'; rating withdrawn

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