Reuters Market Eye - Shares of Bharti Airtel(BRTI.NS) rise after Standard & Poor’s Ratings Services upgrades the company’s ratings, traders said.
S&P, late on Thursday, raised Bharti’s long-term corporate credit rating to ‘BBB-’ from ‘BB+'.
The rating agency says the upgrade reflects expectation that Bharti will use its significant free operating cash flows and funds from strategic measures to reduce its leverage to a level that is in line with an “intermediate” financial risk profile.
Bharti shares were trading 4.2 percent higher at 298.95 rupees as of 1.05 p.m.
Reporting by Indulal PM