Moody’s Downgrades Ola’s Rating Citing Weak Operating Performance

Moody’s has downgraded Ola parent ANI Technologies’ corporate family rating to Caa1 from B3 and the rating of guaranteed senior secured term loan borrowed

The company cited weak operating performance and risks of covenant breach as the reason for the downgrade

Citing the intense competition in the Indian ride-hailing space, Moody’s said ANI Technologies is expected to continue to burn cash over the next 12 months

Credit ratings agency Moody’s has downgraded Ola…