Moody’s: Reliance Communications to negative

Moody's Investors Service said it affirmed Reliance Communications Ltd.’s Ba3 corporate family rating and senior secured rating and changed outlook to negative from stable.

"The change in outlook to negative from stable reflects persistent delays in the company's sale of non-core assets, which underpins its deleveraging strategy. As such, there is unlikely to be a material improvement in leverage, as well as associated liquidity and refinancing pressures over the next 6-9 months, even if the company announces a binding tower sale transaction this quarter," Moody's vice president and senior analyst Nidhi Dhruv said in a news release.

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