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S&P changes Bharti Airtel view
S&P said it revised its outlook on Bharti Airtel Ltd. to negative from stable and affirmed the BBB- long-term issuer credit rating.
The agency also affirmed the BBB- long-term issue rating on Bharti's senior unsecured notes.
“We revised the outlook to reflect the risks associated with a recovery in Bharti's financial leverage over the next 12-24 months,” S&P said in a news release.
The agency said the company's financial performance in fiscal 2018 was weaker than expected and its capital expenditure is likely to remain high in fiscal 2019.
“We view an aggravation in price competition without any meaningful reduction in capex as key risks to a recovery in Bharti's financial performance,” S&P said.
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