Fitch assigns Bharti Airtel notes BBB-

Fitch Ratings said it has assigned Bharti Airtel International (Netherlands) BV's proposed foreign-currency senior unsecured notes an expected BBB-(exp) rating.

The notes will be unconditionally and irrevocably guaranteed by Bharti Airtel Ltd. (BBB-/negative) and are rated at the same level as Bharti's long-term issuer default rating of BBB-

The agency said that Bharti will use the proceeds from the proposed notes to refinance part of its existing debt and for general corporate purposes.

Fitch estimates that Bharti's funds flow from operations-adjusted net leverage will improve to 2.6x-2.7x at end-March 2013 (FY12: 3.0x).

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