Long term ratings has been revised to CARE AA- with stable outlook while short term bank facilities has been reaffirmed to CARE A1+.
According to the Rationale report, the revision/reaffirmation in the ratings assigned to the long-term and short-term bank facilities/instruments of Tata Teleservices (Maharashtra) Limited (TTML) takes into consideration the continuing support from Tata Sons Pvt Ltd.
The rating strengths are, however, tempered by continued losses at after tax level, majorly due to provisioning towards AGR dues, highly leveraged position, regulatory uncertainties and weak debt protection metrics.
Continued and demonstrated support from its promoter, Tata Sons is a significant credit risk mitigant.
Tata Teleservices (Maharashtra) ended at Rs12.75 apiece down by Rs0.28 or 2.15% from its previous closing of Rs13.03 apiece on the BSE.