Fitch: Bharti Airtel bond BBB-

Fitch Ratings said it revised Bharti Airtel Ltd.'s outlook to negative from stable and affirmed its long-term foreign-currency issuer default rating at BBB-.

Moody's assigned an expected BBB- rating to Bharti's proposed benchmark $750 million bond with a tenor of 10 years.

The net proceeds will be used to repay its existing debt.

The rating reflects Fitch's view that the bond ranks pari passu with all of Bharti's other senior unsecured debt, the agency said.

The negative outlook reflects Fitch's concern that Bharti's leverage ratio, which stood at 3.0 times at December 2010, may not fall as the agency previously expected to below 2.0 times by end-2012, the agency said.

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