Fitch may lift Essar Telecom

Fitch Ratings said it placed Essar Telecom Infrastructure Pte. Ltd.'s national long-term rating of BBB+(ind) on Rating Watch positive.

The agency has also placed Essar Telecom's Rs. 200 million cash credit facility rated BBB+(ind)/F2+(ind) and the short-term rating of its Rs. 470 million bank guarantees rated F2+(ind) on watch for upgrade.

The agency also assigned rating of BBB+(ind) to the company's term loan sanctions of Rs. 8.05 billion and placed the rating on watch for upgrade.

The possible upgrade follows the sponsor Essar group's plan to sell off their 100% shareholding in the company to American Tower Corp. (BBB-/stable), according to the agency.

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