Fitch ups Bharti Airtel to BBB-

Fitch Ratings said it upgraded Bharti Airtel Ltd.'s long-term foreign-currency issuer default rating to BBB- from BB+.

The outlook is stable.

The upgrade reflects the strengthening of Bharti's consolidated financial profile over the last three financial years to March 2008, underpinned by strong earnings growth and a sustained decline in net leverage, Fitch said.

The upgrade also recognizes Bharti's track record of achieving consistently impressive operating results, its leading share in cellular services and robust growth prospects, the agency said.

Constraining the ratings is the fragmented and intensely competitive cellular industry.

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