Fitch downgrades RCom's junk rating further citing heavy debt concerns

Fitch Ratings downgraded Reliance Communications (RCom) further into junk territory on Thursday, becoming the latest credit agency to cast doubt on the Indian mobile phone operator's ability to meet its heavy debts. Fitch cut Reliance's long-term foreign- and local-currency ratings to "CCC" from "B-plus", and its $300 million 6.

5 per cent senior secured notes due 2020 to "CCC/RR4" from "B+/RR4." "RCom's rating downgrade reflects Fitch's belief that some kind of default.

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