Fitch Ratings has revised the outlook of Bharti Airtel long-term foreign-currency (FC) issuer default rating (IDR) to ‘stable’ from ‘negative’. Meanwhile, the rating agency has affirmed the FC IDR and senior unsecured bond rating at ‘BBB-‘.
Besides, Fitch has also affirmed Bharti Airtel International (Netherlands) B.V.’s senior unsecured guaranteed bonds at ‘BBB-‘ and Network i2i Limited’s subordinated perpetual bonds at ‘BB’.
The stable outlook follows the revision in the outlook on India’s long-term foreign- and local-currency IDRs to ‘stable’ from ‘negative’ on June 10, 2022. The release by the rating agency further noted that Airtel’s FC ratings are not directly constrained by India’s sovereign rating, but cannot exceed the country ceiling (BBB-), which reflects the transfer and convertibility risks associated with FC obligations.
