Singapore: Crisil has downgraded Air India's Rs7bn (US$92m) 9.13% bonds due on March 26 to BB+ from AAA, after the state-owned airline drew on a government guarantee.
The trustee, IDBI Trusteeship, said that it had invoked the government of India guarantee to repay the bonds, which were issued in 2010.
Air India told Crisil earlier this month that it had identified investors for a proposed new rupee bond issue which would also carry a government guarantee, according to a note from the rating agency.
25/03/20 Daniel Stanton/Nasdaq
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The trustee, IDBI Trusteeship, said that it had invoked the government of India guarantee to repay the bonds, which were issued in 2010.
Air India told Crisil earlier this month that it had identified investors for a proposed new rupee bond issue which would also carry a government guarantee, according to a note from the rating agency.
25/03/20 Daniel Stanton/Nasdaq
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