Kolkata: Global rating agencies, Fitch<\/a> and S & P Global have assigned a 'BBB-' rating to Bharti Airtel<\/a>’s proposed US dollar-senior unsecured notes and a 'BB' rating to the subordinated perpetual notes to be issued by Network i2i<\/a>’ – the telco’s wholly-owned Mauritius arm. 网络i2i提出的次级永恒的音符将额定”两级低于Airtel的长期发行人违约评级(IDR)一样的现有5.65%的次级永久债券评级“BB”,他们将排名同等权益,”惠誉补充道。 加尔各答:全球评级机构,惠誉和标普全球分配一个“BBB -”评级Bharti Airtel拟议的美国dollar-senior无担保票据和“BB”评级发行的次级永恒的笔记网络i2i”——电信全资毛里求斯的手臂。 Kolkata: Global rating agencies, Fitch<\/a> and S & P Global have assigned a 'BBB-' rating to Bharti Airtel<\/a>’s proposed US dollar-senior unsecured notes and a 'BB' rating to the subordinated perpetual notes to be issued by Network i2i<\/a>’ – the telco’s wholly-owned Mauritius arm.
This, even as Fitch estimates Bharti's Indian wireless Ebitda to rise by around 40%-50% in FY21, led by 25 million subscriber adds and monthly average revenue per user (ARPU) improvement of 10%-12%. It also expect Bharti's FY21 revenue and overall Ebitda to rise by around 18%-25%, on improvement in the Indian wireless market and continued growth in Africa, despite the pandemic-induced economic slowdown.
\"Bharti’s proposed senior unsecured notes will be rated in line with its senior unsecured rating of 'BBB-', as they will rank at least equally with all its other present and future unsecured and unsubordinated obligations,\" Fitch Ratings said in a media statement Tuesday.
Network i2i's proposed subordinated perpetual notes will be rated “two notches below Airtel<\/a>’s long-term Issuer Default Rating (IDR), the same as the existing 5.65% subordinated perpetual bond rated at 'BB', to which they will rank pari passu,” Fitch added.
The proposed subordinated perpetual notes are similar to the existing securities, ranking senior only to Airtel’s equity. They will have five-year resettable coupons starting from 5.25 years with step-ups of 25 basis points after the initial term of 10.25 years and a further 75 basis points after 25.25 years.
\"Hence, we consider the subordinated perpetual securities to have an effective maturity of 25.25 years,” said S & P Global.
S & P, though, reportedly said the outlook on Airtel remains negative as the company's deleveraging path has been hampered by regulatory uncertainties and investments that have exceeded expectations. But it added that the telco’s stronger-than-anticipated earnings growth had mitigated an immediate ratings downside.
Airtel recently returned to the black, posting an Rs 854 crore net profit in the December quarter after six straight quarters of losses, on the back of a one-time gain linked to the BhartiInfratel and Indus Towers merger and strong mobile broadband user adds that led to record revenue.
Fitch Ratings, in turn, said the proceeds of the proposed senior unsecured notes and subordinated perpetuals would be used to repay existing debt and for capex.
<\/p>Read also<\/h4>
![\"Airtel](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
<\/a><\/figure>Airtel ropes in more than half-a-dozen investment banks to raise over $1 billion via overseas bonds<\/a><\/h5><\/div>
<\/a><\/figure>Jio, Airtel likely increase combined revenue market share to 80%: Fitch<\/a><\/h5><\/div><\/div><\/div>
Airtel is said to have appointed more than half-a-dozen investment banks, including Bank of America, Barclays, Citigroup<\/a>, JP Morgan, HSBC<\/a>, and Standard Chartered Bank, who will help it raise a shade over $1 billion (Rs 7,500 crore) via overseas bonds. The bonds sale is expected to be launched either this weekend or early next week.
Airtel will meet global fixed income investors on or after February 23 towards its stated plans to raise up to Rs 7,500 crore via bonds to build a war-chest even as India’s second-largest telco needs cash to buy spectrum in the upcoming 4G auction, invest in networks and also pay statutory dues, among other needs.
In this context, Fitch said the issuance will be fully guaranteed by Bharti and constitute a direct, unsecured and subordinated obligation of Bharti. The rating on the proposed notes will reflect the deeply subordinated nature, ranking junior to all existing and future debt obligations and senior only to Bharti's ordinary shares, it added.
The proposed subordinated perpetual securities will qualify for 50% equity credit as they meet Fitch's criteria with regard to deep subordination, effective maturity in excess of five years, full discretion to indefinitely defer interest coupon payments, limited events of default and the absence of material covenants and look-back provisions.
“Equity credit is limited to 50% due to the cumulative interest coupon, a feature that we regard as more debt-like in nature,” Fitch said.
Fitch will treat the coupon payments as 100% interest in its financial analysis of Bharti, despite the 50% equity treatment of the principal amount. This approach, it said, is in accordance with its Corporate Hybrids Treatment & Notching Criteria.
We expect 50% equity credit for the securities until 2041, five years before the effective maturity date in 2046, which is when the replacement language expires. Equity credit drops to zero after 2041.
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惠誉Airtel提出的筹资通过债券利率在“BBB -”,网络i2i计划的混合动力车在BB
这,即使惠誉估计印度Bharti的无线FY21 Ebitda增长40% -50%,由2500万年用户添加和每月每用户平均收入(ARPU)提高10% - -12%。也期望Bharti的FY21收入和整体Ebitda增长约18% - -25%,在印度无线市场和改善非洲的持续增长,尽管pandemic-induced经济放缓。
网络i2i提出的次级永恒的音符会评为“下面两个级距附近的旅馆的长期发行人违约评级(IDR),现有5.65%的次级永久债券一样“BB”,他们将排名同等权益,”惠誉补充道。
拟议中的次级永恒的音符类似于现有的证券,排名高级Airtel权益。他们将有五年复位优惠券从5.25年25个基点的指令在最初期限10.25年,另有75个基点后25.25年。
“因此,我们认为次级证券有一个永久的有效期限为25.25年,”标普全球说。
S & P,据报道说,在Airtel展望仍为负面公司的去杠杆化路径已经受到监管的不确定性和投资已经超过预期。但它补充说,电信强于预期的收益增长减轻立即评级下降。
Airtel最近回到了黑色,发布一个854卢比12月季度净利润连续六个季度的亏损后,一次性获得的有关BhartiInfratel和印度河塔合并和强大的移动宽带用户增加导致创纪录的收入。
反过来,惠誉国际评级(Fitch Ratings)表示,拟议的高级无担保票据和次级永久收益将用于偿还现有债务和资本支出。
Airtel据说任命超过6家投资银行,包括美国银行、巴克莱银行、花旗集团(Citigroup)摩根大通(JP Morgan),汇丰银行,渣打银行将帮助它提高略超过10亿美元(7500卢比)通过海外债券。债券销售将于本周末或下周初。
Airtel将满足全球固定收益投资者或之后的2月23日向其表示计划通过债券募集7500卢比来构建库即使印度的第二大电信需要现金购买在即将到来的4 g频谱拍卖,还投资于网络和支付法定费,其他的需要。
在这种背景下,惠誉表示将充分保障发行Bharti和构成直接的,无担保和次级Bharti的义务。拟议的笔记将评级反映了深深次级自然,排名所有现有的和未来的债务和初级高级Bharti的普通股,它补充说。
拟议中的次级永恒的证券将获得50%的股权信贷满足惠誉的标准关于深从属,有效期限超过5年,完全的自由裁量权来无限期推迟利息息票支付,有限的违约事件和物质契约和回顾规定的缺失。
“股本信贷有限由于累积票息50%,一个特性,我们更认为债务在自然界中,”惠誉表示。
惠誉将把100%的利息的利息Bharti的财务分析,尽管本金的50%股权治疗。它说,这种方法是依照公司混合动力车和切口治疗标准。
我们预计50%的股本信贷证券直到2041年,前五年有效到期日2046年,当更换语言到期。2041年之后,股本信贷下降为零。
This, even as Fitch estimates Bharti's Indian wireless Ebitda to rise by around 40%-50% in FY21, led by 25 million subscriber adds and monthly average revenue per user (ARPU) improvement of 10%-12%. It also expect Bharti's FY21 revenue and overall Ebitda to rise by around 18%-25%, on improvement in the Indian wireless market and continued growth in Africa, despite the pandemic-induced economic slowdown.
\"Bharti’s proposed senior unsecured notes will be rated in line with its senior unsecured rating of 'BBB-', as they will rank at least equally with all its other present and future unsecured and unsubordinated obligations,\" Fitch Ratings said in a media statement Tuesday.
Network i2i's proposed subordinated perpetual notes will be rated “two notches below Airtel<\/a>’s long-term Issuer Default Rating (IDR), the same as the existing 5.65% subordinated perpetual bond rated at 'BB', to which they will rank pari passu,” Fitch added.
The proposed subordinated perpetual notes are similar to the existing securities, ranking senior only to Airtel’s equity. They will have five-year resettable coupons starting from 5.25 years with step-ups of 25 basis points after the initial term of 10.25 years and a further 75 basis points after 25.25 years.
\"Hence, we consider the subordinated perpetual securities to have an effective maturity of 25.25 years,” said S & P Global.
S & P, though, reportedly said the outlook on Airtel remains negative as the company's deleveraging path has been hampered by regulatory uncertainties and investments that have exceeded expectations. But it added that the telco’s stronger-than-anticipated earnings growth had mitigated an immediate ratings downside.
Airtel recently returned to the black, posting an Rs 854 crore net profit in the December quarter after six straight quarters of losses, on the back of a one-time gain linked to the BhartiInfratel and Indus Towers merger and strong mobile broadband user adds that led to record revenue.
Fitch Ratings, in turn, said the proceeds of the proposed senior unsecured notes and subordinated perpetuals would be used to repay existing debt and for capex.
<\/p>Read also<\/h4>
<\/a><\/figure>Airtel ropes in more than half-a-dozen investment banks to raise over $1 billion via overseas bonds<\/a><\/h5><\/div>
<\/a><\/figure>Jio, Airtel likely increase combined revenue market share to 80%: Fitch<\/a><\/h5><\/div><\/div><\/div>
Airtel is said to have appointed more than half-a-dozen investment banks, including Bank of America, Barclays, Citigroup<\/a>, JP Morgan, HSBC<\/a>, and Standard Chartered Bank, who will help it raise a shade over $1 billion (Rs 7,500 crore) via overseas bonds. The bonds sale is expected to be launched either this weekend or early next week.
Airtel will meet global fixed income investors on or after February 23 towards its stated plans to raise up to Rs 7,500 crore via bonds to build a war-chest even as India’s second-largest telco needs cash to buy spectrum in the upcoming 4G auction, invest in networks and also pay statutory dues, among other needs.
In this context, Fitch said the issuance will be fully guaranteed by Bharti and constitute a direct, unsecured and subordinated obligation of Bharti. The rating on the proposed notes will reflect the deeply subordinated nature, ranking junior to all existing and future debt obligations and senior only to Bharti's ordinary shares, it added.
The proposed subordinated perpetual securities will qualify for 50% equity credit as they meet Fitch's criteria with regard to deep subordination, effective maturity in excess of five years, full discretion to indefinitely defer interest coupon payments, limited events of default and the absence of material covenants and look-back provisions.
“Equity credit is limited to 50% due to the cumulative interest coupon, a feature that we regard as more debt-like in nature,” Fitch said.
Fitch will treat the coupon payments as 100% interest in its financial analysis of Bharti, despite the 50% equity treatment of the principal amount. This approach, it said, is in accordance with its Corporate Hybrids Treatment & Notching Criteria.
We expect 50% equity credit for the securities until 2041, five years before the effective maturity date in 2046, which is when the replacement language expires. Equity credit drops to zero after 2041.
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