The rating action and the negative outlook is on account of perceived challenges in access to funding following the imposition of a moratorium on Yes Bank as well as the broader risk aversion currently prevalent in financial markets globally.
The company has outstanding foreign currency bonds of USD 350 Mn [Rs 2,495 crore] as at the end of December, 2019. There is no specific ratings related recall clause in the bonds. Moody's rating action is limited to outstanding foreign currency bonds totaling to USD 350 Mn, and has no bearing on any domestic borrowings.
