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Reliance Communications shares tank after rating downgrades

Fitch skeptical of plan to cut debt via wireless merger, sale of tower unit

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A worker cleans a Reliance Communications store in Kolkata.   © Reuters

MUMBAI -- Reliance Communications shares slipped nearly 4% on Wednesday, after ratings agencies downgraded the Indian telecommunications company over concerns about liquidity and debt repayment.

Fitch cut RCom's long-term foreign- and local-currency issuer default ratings to RD, or restricted default -- its lowest grade. Moody's assigned its second-lowest grade, Ca, to the company's corporate family and senior secured bonds. Moody's said the outlook for the company is negative.

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