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S&P downgrades Rolta India
S&P said it lowered the long-term corporate credit rating on Rolta India Ltd. to D (default) from SD (selective default).
The agency also said it lowered the long-term issue rating on the 2018 senior unsecured notes issued by Rolta, LLC to D from CC.
The CC issue rating on the 2019 senior unsecured notes issued by Rolta Americas LLC remains on CreditWatch with negative implications, S&P said.
The company failed to pay the $6.8 million interest due on its 2018 senior unsecured guaranteed notes, even after the expiry of the 30-day grace period, the agency explained.
The company expected the trustee to make the coupon payments from its interest reserve account, but that hasn’t happened yet, S&P said.
Rolta’s $35 million bank loans due since March 31, 2016 also remain unpaid, the agency said.
A default on Rolta’s 2019 senior unsecured guaranteed notes is almost certain because the company has not shared any detailed plan for repayment, S&P added.
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