Fitch affirms Bharti Airtel at 'BBB-'; outlook negative

Fitch Ratings has affirmed Bharti Airtel's long-term foreign currency Issuer Default Rating (IDR) and senior unsecured rating at 'BBB-'.

The outlook on the IDR is negative, Fitch Ratings said in a statement.

Fitch has also affirmed Bharti Airtel International (Netherlands) BV's senior unsecured guaranteed bonds at 'BBB-' and Network i2i Limited's subordinated perpetual bond at 'BB'.

"The negative outlook does not reflect our view of Bharti's underlying credit profile - which has been improving on strong growth in Indian and African wireless operations - but rather the heightened probability that India's (BBB-/Negative) Country Ceiling of 'BBB-' could be lowered to 'BB+'," the statement said.

"Such an action would constrain Bharti's IDR and senior issue ratings to BB+," it added.

Fitch has affirmed Bharti Airtel's long-term foreign currency IDR and senior unsecured rating at 'BBB-', the statement noted.