Fitch stabilizes Summit Digitel view

Fitch Ratings said it revised the outlook on Summit Digitel Infrastructure Pvt Ltd.'s long-term foreign-currency issuer default rating to stable from negative, and affirmed the IDR, senior secured class rating and senior secured bond rating at BBB-. The agency also affirmed Summit's long-term local-currency IDR at BBB- with a stable outlook.

The new outlook follows Fitch's revision of the outlook on India's long-term foreign- and local-currency IDRs to stable from negative on Friday, the agency said.

“Summit's FC IDR and senior issue ratings are not directly constrained by India's sovereign rating but cannot exceed the country ceiling (BBB-), which reflects the transfer and convertibility risks associated with FC obligations. Summit does not have material operations or cash holdings outside India. Therefore, its FC IDR cannot exceed the country ceiling of India,” Fitch said in a press release.

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