Fitch affirms Bharti Airtel at 'BBB-'

Fitch Ratings has affirmed Bharti Airtel Limited's (Bharti) Long-term foreign currency Issuer Default Rating (IDR) at 'BBB-', and simultaneously removed it from Rating Watch Negative (RWN). The outlook is stable.

The resolution of the RWN is based on Fitch's expectations that Bharti will maintain its consolidated credit profile commensurate with the 'BBB' rating category, despite the USD 8.5bn debt-led acquisition of the Zain group's (Zain) African operations in 15 countries, and the likely payment of more than USD 3bn for 3G and Broadband wireless access (BWA) license fees in the financial year ending March, 2011 (FY11).