March 7, 2014 / 5:48 AM / 4 years ago

Bharti Airtel shares gain; S&P upgrades rating

Reuters Market Eye - Shares of Bharti Airtel(BRTI.NS) rise after Standard & Poor’s Ratings Services upgrades the company’s ratings, traders said.

A worker cleans a logo of Bharti Airtel at its zonal office building in Chandigarh May 2, 2013. REUTERS/Ajay Verma/Files

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

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below