Fitch assigns Summit Digitel, notes BBB-

Fitch Ratings said it assigned Summit Digitel Infrastructure Pvt. Ltd. BBB- long-term foreign- and local-currency issuer default ratings. The outlook on the long-term foreign-currency IDR is negative, but the long-term local-currency IDR outlook is stable.

Fitch also gave a senior secured class rating of BBB- and a BBB- rating to Summit's proposed senior secured bond.

“The IDRs reflect Summit's strong business profile, which is underpinned by a non-cancellable 30-year contract with in-built price escalation clauses with Indian wireless market leader and its major customer, Reliance Jio Infocomm Ltd (Reliance Jio), which is 66.5% owned by Reliance Industries Ltd (RIL, long-term foreign-currency IDR: BBB/negative and long-term local-currency IDR: BBB+/stable),” Fitch said in a press release.

Summit plans to use the proceeds to repay part of its senior debt.

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