Fitch: Bharti Airtel view stable

Fitch Ratings said it revised Bharti Airtel Ltd.'s outlook to stable from negative.

The long-term foreign currency issuer default rating was affirmed at BBB-.

Simultaneously, Fitch assigned a foreign-currency senior unsecured rating of BBB-.

Bharti Airtel International (Netherlands) BV's $1.5 billion 5 1/8% guaranteed senior unsecured notes due 2023 were affirmed at BBB-.

Fitch said one of the key ratings drivers is the improved balance sheet. Bharti's funds flow from operations-adjusted net leverage will improve to below 2.5 times in 2014 following an equity injection of $1.26 billion from Qatar Foundation Endowment.

Bharti will use the equity proceeds to reduce its net debt to $10.5 billion, compared with $11.7 billion at end-March 2013 and $12.7 billion at end-March 2012.

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