Moody's assigns Ola, loan B3

Moody's Investors Service said it assigned a first-time B3 corporate family rating to ANI Technologies Pvt Ltd. (Ola) and its planned senior secured term loan. Ola's wholly owned subsidiaries Ola Netherlands BV and Ola USA Inc. are the borrowers. The loan is guaranteed by Ola and its subsidiaries engaged in ride-hailing services.

"Ola's B3 CFR reflects its loss-making operations and high execution risks associated with its international expansion plans as well as its venture into India's competitive and fragmented food delivery and vehicle commerce sectors," said Stephanie Cheong, a Moody's assistant vice president and analyst, in a press release.

The proceeds will be used for general corporate purposes.

The outlook is stable.

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