Reliance Capital protests downgrade, to cut debt 50%

Bloomberg

Reliance Capital Ltd, Anil Ambani’s financial services company, protested against a three-step downgrade by Care Ratings that put its credit score two notches above junk.
Care Ratings cut the firm’s long-term debt programme to BBB from A and kept it on credit watch with developing implications, according to statements from Reliance Capital and the rating company.
Reliance Capital said it disagreed with the revision as Care didn’t fully factor in the impact of its plan to raise more than $1.42 billion via asset sales and “sharply cut” overall debt by more than half this financial year.
Reliance Capital is the last stronghold in embattled tycoon Anil Ambani’s phone carrier-to-power empire.