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Bharti’s Outlook Revised to Positive by Moody’s
January 23, 2025
Bharti Airtel’s outlook was revised to positive from stable by Moody’s. The outlook change reflects improvements in the company’s financial profile, increasing market share, and favorable structural changes in India’s growing mobile sector. The easing of competition and a supportive regulatory environment also contributed to the outlook change. Moody’s affirmed Bharti’s Baa3 ratings reflecting its position as among the two leading operators in India’s high-growth mobile market given the favorable demographics, its pan-India network and large spectrum holdings. However, Bharti’s strong interlinkages to the Indian economy limits its rating to a maximum of Baa2 (i.e., one notch above the sovereign’s Baa3 rating), according to Moody’s.
Bharti Airtel’s dollar bonds traded stable with its 4.375% 2025s at 99.7, yielding 5.12%.
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