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CRISIL Downgrades Vodafone Idea Rs. 6000 Crore NCDs
After Yes Bank, CRISIL has downgraded rating Vodafone Mobile Services' NCDs worth Rs. 6000 crore and has in addition re-affirmed its stance in respect of its Rs. 2000 crore commercial paper.
A BSE filing said, "CRISIL vide its communication uploaded on its website today, has downgraded its rating on non-convertible debentures of Rs 6,000 crore and has re-affirmed its rating on CP Programme of Rs 2,000 crore of erstwhile Vodafone Mobile Services Limited (VMSL), which has since been migrated to Vodafone Idea Limited (the Company) pursuant to amalgamation of VMSL with the Company".
As per the statement, the rating of Non-Convertible Debentures has been downgraded to CRISIL A+ (Negative Outlook) from existing CRISIL AA- (Negative Outlook).
The rating for commercial paper programme has been re-affirmed at CRISIL A1+.
Also, there is a confrontation of the TRAI with Vodafone Idea and Bharti Airtel for asking customers to get minimum recharge done or else face the consequence of their SIM getting deactivated.
The TRAI letter to both of these firms has been quoted in the leading daily report which says, "Trai has received a large number of complaints regarding SMSs being received by them to mandatorily recharge their prepaid accounts in order to continue to avail services even though their prepaid account have sufficient balance in it."
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