Credit rating agency, CRISIL has cut the rating of Bharti Airtel’s long-term debt from ‘AAA’ to ‘AA’ on least prospects about significant improvement in gearing by March 31, 2013. The company has received the rating downgrade due to the potential cash outflows towards one-time spectrum fees and licence renewal fees which may result in capital structure taking longer to improve than previous expectations.
Further, the rating agency has reaffirmed A1+ rating to the company’s short-term debt and bank facilities.
Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.
