New Delhi, Nov. 9 -- : Brickwork Ratings has downgraded Vodafone Idea's rating on non-convertible debentures (NCDs) citing the recent Supreme Court ruling on adjusted gross revenue (AGR) and extension of timeline with regard to the sale of stake in Indus Tower to Bharti Infratel.

The rating agency has downgraded Vodafone Idea from A plus with negative outlook to A minus watch with negative implications.

Brickwork's downgrade follows similar action by Care, India Ratings and Crisil on the telecom major's long-term issuer ratings on NCDs worth Rs 3,500 crore.

The Supreme Court last month upheld the government's position on including revenue from non-telecommunication businesses in calculating the annual AGR of telecom companies, a share of...