Crisil Upgrades Bharti Airtel's Long-Term Rating On Debt Programme, Bank Facilities

Crisil Ratings Limited upgraded its long term rating on the bank facilities and debt programme of Bharti Airtel to CRISIL AA+/Stable from ‘CRISIL AA/Stable' on the commercial paper programme, according to a regulatory filing by the telecom major to the stock exchanges.

CRISIL withdrew its rating on Rs 1,500 crore non-convertible debentures (NCDs) of Bharti Airtel, as the company has fully repaid, said the statement. CRISIL Ratings received the confirmation of no dues against the debentures from the debenture trustee.

The improved rating reflects better Airtel's better operating metrics which results in healthy risk profile. The analytical company expects improvement in the company's overall credit risk profile over the near to medium term due to better cash accruals, notwithstanding adjusted gross revenue (AGR) dues, additional expenditure for acquiring spectrum at auction in March 2021, and deleveraging plans including the rights issue.

In the latest spectrum auction, Airtel acquired 355.45 MHz spectrum across sub-GHz, mid-band and 2,300 MHz bands for Rs 18,699 crore. The telecommunications company made an upfront payment of Rs 6,983 crore and will pay the remaining in 16 years after a moratorium of two years, according to the statement.

On Wednesday, Bharti Airtel opened on the BSE at Rs 699, touching to an intra day high of Rs 702, and an intra day low of Rs 689.45, in the trading session so far. 

On the NSE, Bharti Airtel opened at Rs 697, registering an intra day high of Rs 702, and an intra day low of Rs 689.15, in the session so far. It was last trading 0.63 per cent lower at Rs 691.75 on the NSE.

Shares of Bharti Airtel were last trading 0.71 per cent lower at Rs 691.10 on the BSE.