Fitch takes Bharti Airtel off watch

Fitch Ratings said it removed the rating watch negative from all of Bharti Airtel Ltd.’s ratings. Bharti paid $1.4 billion on Monday to the department of telecommunications after an Indian supreme court decision concerning regulatory dues and the definition of adjusted gross revenue. Bharti’s management estimates the regulatory dues will not exceed the provision amount of $4.9 billion.

Fitch affirmed Bharti’s long-term foreign-currency issuer default rating of BBB- and senior unsecured rating BBB-. The agency also affirmed Bharti Airtel International (Netherlands) BV’s senior unsecured guaranteed bonds at BBB- and Network i2i’s subordinated perpetual bond at BB.

The outlook is stable.

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