 "Bharti Airtel narrows its revenue gap with Reliance Jio in March quarter")
Rating agency ICRA has downgraded Bharti Airtel Ltd's long-term rating from "AA" to "AA-"on higher than anticipated provision for dues towards license fees on adjusted gross revenues (AGR) and spectrum usage charge. These provisions were in the second quarter of current financial year (Q2Fy20) after Supreme Court pronounced verdict on payments of dues towards AGR.
Rating agency reaffirmed short-term rating at "A1+". The ratings continue to remain under watch with negative, ICRA said in a statement.
Although the company has not tied up funds for the same, this liability, if materialises is expected to be funded through a bridge loan.
