Moodys Investors Service on Thursday said that Reliance CommunicationsBSE -4.54 % ratings will remain on review for downgrade despite the company signing an agreement with Canada-based Brookfield Infrastructure to sell its tower assets. 

Reliance Communications (RComs) B1 corporate family and senior secured ratings remain on review for downgrade despite signing a binding agreement with Brookfield Infrastructure (unrated) in relation to the sale of RComs tower assets, a Moodys statement said. 

Its Corporate Family Ratings (CFRs) are long-term ratings that reflect the relative likelihood of a default on a corporate familys debt and debt-like obligations and the expected financial loss suffered in the event of default. Obligations rated B are considered speculative and are subject to high risk, Moodys said. 
Yesterday, RCom signed binding agreements to sell 51 per cent stake in its tower business to Canada-based Brookfield Infrastructure and its institutional partners for Rs 11,000 crore. 
The assets will be transferred from RComs subsidiary, Reliance Infratel, into a separate new company to be owned and independently managed by Brookfield Infrastructure. 
The assets will be transferred from RComs subsidiary, Reliance Infratel, into a separate new company to be owned and independently managed by Brookfield Infrastructure. 

At the same time, RCom will receive class B non-voting shares in the new tower company providing a 49 per cent economic upside interest in the tower business based on certain performance conditions.