Fitch: Evolving watch for GTL Infrastructure

Fitch Ratings said it placed GTL Infrastructure Ltd.'s national long-term rating of BBB-(ind), long-term loans and facilities of BBB-(ind) and its non-fund based working capital limits of BBB-(ind)/F3(ind) on Rating Watch evolving.

The watch comes after news that the company plans to acquire the telecom tower assets of Aircel Ltd. for Rs.84 billion in cash, the agency said.

The watch reflects the possible operational benefits in the form of a larger tower-portfolio, improved tenancy ratios, Aircel's business support and the enhanced attractiveness of the combined entity to other operators, Fitch said.

The watch also considers the increased debt amount on the company's consolidated balance sheet due to the acquisition, the agency added.

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