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Fitch affirms Tulip Telecom
Fitch Ratings said it affirmed the F1+(ind) national short-term rating on Tulip Telecom Ltd.'s Rs. 600 million commercial paper/short-term debt program.
The affirmation is followed by news of the company's acquisition of a 900,000 square foot data center facility in Bangalore, Fitch said.
The company said the total acquisition cost of Rs. 2.3 billion was paid for out of its cash balances of Rs. 2 billion and internal accruals.
Fitch said it expects the company's leverage to worsen in 2011 due to the acquisition.
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