Standard and Poor's (S&P) on Monday downgraded the long-term corporate credit rating on Rolta India to 'B+' from 'BB-' over expectations of an increase in its leverage and concerns that free operating cash flows will move into the negative zone in the next 12 months, reports fe Bureau in Mumbai. The outlook is stable, the rating agency said in a media release. "We now expect Rolta to have negative free operating cash flows (FOCF) for fiscal 2016 and a ratio of funds from operations (FFO) to debt below 20% until fiscal 2017," the release said. The ratings agency has also downgraded the long-term issue rating on the senior unsecured notes of Rolta Americas and Rolta to 'B+' from 'BB-'. According to Rolta India's annual report, the company's consolidated net cash flow from operations stood at Rs439.08 crore in FY15 while in FY14 it stood at Rs592.67 crore. Bloomberg data show that at the end of September 2015 the company's total debt stood at Rs5,371.90 crore.