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S&P downgrades Rolta, notes to B+
Standard & Poor's said it lowered its long-term corporate credit rating on Rolta India Ltd. to B+ from BB-.
The outlook is stable.
At the same time, the agency lowered its long-term issue rating on the senior unsecured notes that Rolta Americas LLC and Rolta LLC issued to B+ from BB-. Rolta guarantees the notes.
"We downgraded Rolta because we expect the company's leverage to rise and its free operating cash flows to be negative over the next 12 months," S&P credit analyst Ashutosh Sharma said in a news release.
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