Fitch rates Bharti Airtel bonds BBB-

Fitch Ratings said it rated Bharti Airtel Ltd.’s proposed dollar senior unsecured notes BBB- and Network i2i Ltd.’s planned subordinated perpetual notes BB. Network i2i is a wholly owned subsidiary of Bharti.

The senior unsecured notes will be rated in line with Bharti’s senior unsecured BBB- rating, as they will rank at least equally with all its other unsecured and unsubordinated obligations, Fitch said.

Network i2i’s proposed subordinated perpetual notes will be rated two notches below Bharti’s long-term issuer default rating, the same as the existing 5.65% subordinated perpetual bond rated at BB to which they will rank pari passu. Bharti will guarantee the issuance.

The notes’ rating reflects the deeply subordinated nature, ranking junior to all debt obligations and senior only to Bharti’s ordinary shares, Fitch said.

The proceeds will be used to repay debt and for capital expenditures.

The outlook is negative.

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