ICRA cuts ratings of Tata Teleservices from ICRA A to ICRA A-, one notch down, for the Rs. 359.0 crore (earlier Rs. 490 crore) term loans, Rs. 465 crore Long-Term Fund Based/Non-Fund Based Limits, and Rs. 188 crore (earlier Rs. 57 crore) unallocated limits of Tata Teleservices (Maharashtra) Limited (TTML)†.
The outlook on the long-term rating has been reaffirmed at Negative.
The rating action factors in the continuing weak operational and financial performance of the company marked by y-o-y decline in revenues over the last three quarters, consistent pressures on profitability and strained debt coverage indicators
