S&P rates Bharti Airtel notes BB

S&P said it assigned its BB issue rating to Network i2i Ltd.'s proposed follow-on issuance of 5.65% subordinated perpetual securities of up to $250 million. The proposed securities, which Bharti Airtel Ltd. guarantees, are for refinancing, investments in subsidiaries and general corporate purposes.

At the same time, the BBB- issuer credit and senior unsecured issue ratings on Bharti Airtel, senior unsecured issue ratings on Bharti Airtel International (Netherlands) BV, and subordinated debt ratings on Network i2i remain on CreditWatch, where they were placed with negative implications since Oct. 31.

The proposed securities are identical to the $750 million the company issued previously on Oct. 8. The issue rating on the proposed notes is in line with S&P's BB rating on the previously issued securities.

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