CRISIL downgrades rating of Vodafone idea

Vodafone Idea said Thursday that CRISIL has downgraded the rating on non-convertible debentures of Rs 6,000 crore and has re-affirmed its rating on commercial paper of Rs 2000 crore of erstwhile Vodafone Mobile Services.

"CRISIL vide its communication uploaded on its website today, has downgraded its rating on non-convertible debentures of Rs 6,000 crore and has re-affirmed its rating on CP Programme of Rs 2,000 crore of erstwhile Vodafone Mobile Services Limited (VMSL), which has since been migrated to Vodafone Idea Limited (the Company) pursuant to amalgamation of VMSL with the Company," a BSE filing said.

According to the statement, the rating of Non-Convertible Debentures has been downgraded to CRISIL A+ (Negative Outlook) from existing CRISIL AA- (Negative Outlook).

The rating for the commercial paper programme has been re-affirmed at CRISIL A1+.