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1、 Corporates Banks and second, the additional spectrum allocation of 5Mhz each (compared with 4.4Mhz to 9Mhz currently for 2G operators) provides a competitive edge over other telcos in terms of higher network capacity and better service capability. Fitch notes that Indian telcos have lower non-voice
2、 revenues as a percentage of total mobile revenues compared to Asia-Pacific peers. For example, Bhartis non-voice contribution to mobile revenues at around 11% is much less than the 15%- 30% for some of the leading telcos in other Asia-Pacific countries. Also, with the imminent adoption of mobile nu
3、mber portability (MNP), Fitch expects the 3G winners to have a clear edge in the acquisition and retention of high-ARPU subscribers. At the same time, the agency does not expect the incremental 3G capex to be significant. The full report, “3G Licence and Spectrum Auction”, is available on the agency
4、s website, . Indian Ratings Monthly June 010 Rating Actions May 2010 Banks Affirms and Withdraws Muthoot Finance Limiteds National Short-Term Rating Affirms Fullerton India Credit Company Rates Indias National Housing Banks INR100bn debt programme at AAA(ind) ICICIs Ratings Unlikely to be Affected b
5、y Bank of Rajasthan Merger Corporates Affirms Indias Senbo Engineering at BBB+(ind) Assigns F1(ind) to Precision Automations CP Programme; Affirms Bank Loans Upgrades Reliance Industries LC IDR to BBB Assigns MindTrees NCD/long-term loans at AA(ind) Rates Indias Sarju Impex B(ind); Outlook Stable Ra
6、tes Sharmanji Yarns Bank Loans BB(ind)/F4(ind) Fitch Rates Navyugs Bank Loans B-(ind)/F4(ind) Affirms Indias Sandhar Technologies Enhanced Bank Loans at A-(ind)/F1(ind) Assigns Mountain Spinning Mills Bank Loans BB-(ind) Assigns Tuticorin Spinning Mills Bank Loans BB-(ind) Assigns B-(ind)/F4(ind) to
7、 Stork Ferros Bank Loans Affirms Tata Steel and Tata Steel UK Ratings; Outlook Negative Affirms Safari Industries India at BB-(ind)/F4(ind); Outlook Stable Rates MFLs Bank Loans D(ind)/F5(ind) Affirms Bharti Airtel at BBB-; Off Watch Negative; Outlook Stable Rates Shri Bajrang Powers Bank Loan Facil
8、ities at BBB+(ind)/F2+(ind) Acquisition of Anglo American Zinc Assets Unlikely to Impact Vedantas Ratings Upgrades UFLEX Limited to BBB(ind) Affirms Delhi Transcos Ratings at A+(ind) Rates Spun Micro-Processings Loans B(ind)/F4(ind) Rates Texcomash Internationals Loans at B(ind)/F4(ind) Affirms ACE
9、Calderys Limited A+(ind)/F+(ind); Outlook Stable Rates Batliboi Environmental Engineering B+(ind); Outlook Stable Upgrades Sutlej Textiles to BBB-(ind) Withdraws Gabriel Indias Rating Upgrades Sai Sponge (India) Limited to BB-(ind) Withdraws Narmada Hydroelectric Development Corporations Ratings Rat
10、es Indias AR Airways Bank Loans BB-(ind) Global Infrastructure Upgrades A.J. Tolls Project Loans to A(ind); Outlook Stable Rates Corporate Power Ltds Senior Project Bank Loans BBB-(ind)(EXP) Public Finance Withdraws Expected Rating on Indore Development Funds Bond Issue Affirms Ajmer Municipal Corpo
11、ration at BBB-(ind) Affirms Indore Municipal Corporation at BBB(ind) Affirms Jabalpur Municipal Corporation at BB+(ind); Outlook Stable Affirms Indias Kalyan Dombivili Municipal Corporation at A(ind) Affirms Indias Thane Municipal Corporation at AA-(ind) Affirms Indias Pune Municipal Corporations at
12、 AA-(ind) Affirms Mira Bhayandar Municipal Corporation at A-(ind) Securitisation Assigns Final Ratings to STFCL DA Program Feb 10 2 Affirms Novo V Trust - Chassis; Assigns LS Rating Affirms ILSS 2 Trust 2009; Assigns LS Rating Affirms STFCL - DA Program March 09 1; Assigns LS Rating Affirms STFCL -
13、DA Program March 09 3; Assigns LS Rating Affirms STFCL - DA Program March 09 2; Assigns LS Rating Indian Ratings Monthly June 010 Conferences/Teleconferences/ Fitch Friday Fitch Friday: “Corporate Credit Quality across the Globe Fitch Perspective” Fitch Ratings hosted a Fitch Friday in Mumbai on “Co
14、rporate Credit Quality across the Globe A Fitch Perspective” on 14 May 2010, from 5:00pm. Venue: Fitch Rating Indias office: Apeejay House, 6th Floor, 3 Dinshaw Vachha Road, Churchgate, Mumbai 400 020. Mr. Richard Hunter, Group Managing Director, EMEA and Asia-Pacific Corporates, and Mr. Rakesh Vale
15、cha, Senior Director, India Corporates, made presentations on “Corporate Credit Quality across the Globe A Fitch Perspective”. The focus of the event was to present the latest and expected rating trends across the corporate sector, including Fitchs latest forecasts for major global industrial sectors, in particular contrasting the performance of developed and emerging markets. This was followed by Q Signifies rating watch positive; Signifies rating watch evolving # Under notice of withdrawal; SO Structured obligation a In discussion with company Source: Fitch
