OREANDA-NEWS. Fitch Ratings has downgraded Rolta India Limited's (Rolta) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) and senior unsecured class rating to 'CC' from 'B'. Simultaneously, Fitch has downgraded the ratings on the Rolta, LLC's USD127m 10.75% senior unsecured notes due 2018 and Rolta Americas LLC's USD367m 8.875% senior unsecured notes due 2019 to 'CC' with Recovery Rating of 'RR4' from 'B' with Recovery Rating of 'RR4'. The notes are guaranteed by Rolta.

KEY RATING DRIVERS

The rating action reflects Fitch's assessment that short-term liquidity has deteriorated to a position where credit risk is very high.

RATING SENSITIVITIES
Negative: Future developments that may lead to a downgrade include deterioration in liquidity such that:
- default is imminent or inevitable, or the issuer is in standstill
- in Fitch's opinion, the company has experienced an uncured payment default

Positive: Future developments that may, individually or collectively, lead to a positive rating action include:
- improvement in liquidity position