S&P downgrades Rolta India

S&P said it lowered the long-term issue rating on the 2019 senior unsecured notes guaranteed by Rolta India Ltd. to D from CC.

The agency also said it removed the rating from CreditWatch, where it was first placed with negative implications in June.

Rolta Americas LLC issued the notes, S&P said.

The agency also said it affirmed the company’s D long-term corporate credit rating, along with the D long-term issue rating on the 2018 notes issued by Rolta, LLC and guaranteed by Rolta.

The downgrades follow Rolta’s inability to pay the interest on its 2019 senior unsecured guaranteed notes due July 24, S&P said.

The agency said it does not expect the company to make the payment even after the expiration of the 30-day grace period.

S&P also said it understands that Rolta remains in default on its other obligations, including certain bank facilities and the 2018 senior unsecured guaranteed notes."

The trustees of the 2018 notes already served a default notice to the company, the agency added.

The company’s management said it continues to work on addressing the overall situation and on a plan to regularize all its debt-service obligations in consultation with its bankers and strategic advisors, S&P said.

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