Bharti Airtel Limited long-term rating upgraded to 'CRISIL AA+/Stable', short-term rating reaffirmed

CRISIL Ratings has upgraded its long term rating on the bank facilities and debt programme of Bharti Airtel Limited (BAL) to 'CRISIL AA+/Stable' from 'CRISIL AA/Stable', and has reaffirmed the 'CRISIL A1+' rating on the commercial paper programme. CRISIL Ratings has withdrawn its rating on Rs 1,500 crore non-convertible debentures (NCDs) of BAL, as they have been fully repaid. CRISIL Ratings has received confirmation of no dues against these NCDs from the debenture trustee. The rating action is in line with the CRISIL Ratings policy on withdrawal of rating on NCDs.

The rating action reflects continued improvement in BAL's operating metrics resulting in healthy financial risk profile. CRISIL Ratings expects further improvement in the overall credit risk profile of the company over the near to medium term on the back of improving cash accruals, deleveraging plans including rights issue, notwithstanding adjusted gross revenue (AGR) dues and additional expenditure done for acquiring spectrum at the auction held in March 2021.

Shares of Bharti Airtel Ltd. was last trading in BSE at Rs. 696.25 as compared to the previous close of Rs. 722.85. The total number of shares traded during the day was 835171 in over 26928 trades.

The stock hit an intraday high of Rs. 726.95 and intraday low of 686.05. The net turnover during the day was Rs. 585072379.

Source : Equity Bulls

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