S&P affirms Bharti Airtel

S&P said it affirmed both its BBB- issuer credit rating on Bharti Airtel Ltd. and its BBB- issue rating on the company's senior unsecured notes.

The outlook remains negative.

“Our affirmation follows Bharti's announcement of a deleveraging plan using an Indian rupee (INR) 250 billion rights issue. We believe the controlling shareholders will support the rights issue. In our view, the rights issuance should help Bharti reduce its debt of INR 1.1 trillion by 20%-25% over the next three months,” S&P said in a news release.

“The company also proposes to issue US$1.0 billion equity-like perpetual bonds to refinance its existing debt.”

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