S&P Global revises Bharti Airtel outlook to 'positive'
Bharti Airtel to “positive” from stable, as it expects the Sunil Mittal-led telco’s earnings and cash flows to rise over the next 24 months, gaining from the industry-wide headline rate hikes of July.
The positive outlook, it added, reflects the possibility of an improvement in Airtel’s stand-alone credit profile (SACP) owing to its healthy earnings and easing leverage.
In an official statement Friday, the global ratings agency, though, said Airtel’s upgrade could “remain contingent” on a similar action on the sovereign rating on India.
It has also affirmed its 'BBB-' long-term issuer credit rating on Airtel. “We also affirmed our ratings on the debt the company issued or guarantees,” it added.
S&P Global’s views come at a time when Airtel was the sole revenue market share (RMS) gainer among big telcos in the fiscal second quarter, benefiting most from the recent industry-wide tariff hikes as well as strong mobile broadband and postpaid user additions.
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