Mumbai: UTI Mutual Fund on Monday said it has created a segregated portfolio for debt securities of Vodafone Idea after Care Ratings downgraded the telecom majors debt securities below investment grade.The fund house holds Vodafone Ideas debt securities -- worth around Rs 186 crore -- in its UTI Credit Risk Fund, UTI Bond Fund, UTI Regular Savings Fund, UTI Dynamic Bond Fund and UTI Medium Term Fund.It said that upon recovery of money from Vodafone Idea in the segregated portfolio, the money recovered will be distributed to investors in proportion to their holdings in the segregated portfolio.Existing investors in the schemes will be allotted an equal number of units in the segregated portfolio as those held in the main portfolio.No subscription or redemption will be allowed in the segregated portfolio of the captioned schemes, it said.Investors redeeming their units will get redemption proceeds based on the NAV of the main portfolio and will continue to hold units of the segregated portfolio, it said.Earlier in the day, CARE Ratings downgraded Vodafone Ideas long-term bank facilities and non-convertible debentures to BB- from BBB-.The revision in the long-term ratings assigned to the various bank facilities/instruments of Vodafone Idea takes into account the significant erosion in the overall risk profile of the company while taking into cognizance of the financial impact of no relief being granted on modification plea on February 14, 2020 of telecom companies (telcos), seeking new schedule of Adjusted Gross Revenues (AGR) dues by Supreme Court and significant losses to the tune of Rs 6,453 crore in Q3FY20, the rating agency said in a release.