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Moody's announces completion of a periodic review of ratings of Bharti Airtel

Financial results News - Published on Thu, 11 Apr 2019

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Moody's Investors Service has completed a periodic review of the ratings of Bharti Airtel Ltd. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.

Key rating considerations are summarized below.

Bharti Airtel Ltd.'s (Bharti) Ba1 rating reflects Bharti's position as the third largest telecom service operator globally based on subscribers in the high-growth Indian mobile market and its significant spectrum holdings. It also considers the company's low profitability and high leverage stemming from intense competition in the Indian mobile segment. That said, we expect a significant portion of the proceeds from the proposed INR250 billion rights issue to be used to lower debt, strengthen Bharti's balance sheet and provide the company with greater financial and operational flexibility for its Indian operations.

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Posted By : TelecomGuru on Thu, 11 Apr 2019
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