Moody’s rates Bharti Airtel notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the proposed senior unsecured notes to be issued by Bharti Airtel Ltd. (Baa3 stable).

The outlook is stable.

"Bharti has stated that the proceeds from the notes will be used for capex. However, as the company has committed to applying excess cash flows to debt reduction, this will not result in an increase in leverage. At the same time, this transaction will extend Bharti's debt maturity profile, which is credit positive," Moody's vice president and senior analyst Annalisa Di Chiara said in a news release.

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