Moody’s keeps Reliance on review

Moody's Investors Service said that Reliance Communications Ltd.’s B1 corporate family and senior secured ratings remain on review for downgrade despite signing a binding agreement with Brookfield Infrastructure (unrated) in relation to the sale of Reliance’s tower assets.

On Dec. 21, Reliance announced a binding agreement for the sale of 100% of its tower assets and related infrastructure to affiliates of Brookfield Infrastructure Partners LP (unrated) and its institutional partners for Rs. 110 billion ($1.6 billion), which is in line with Moody's expectations.

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