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\"The Rating Watch Negative is removed from all the ratings. The stable outlook reflects our view that an equity injection of $2 billion in January 2020 and EBITDA<\/a> growth for the financial year ending March 2020,\" the New York-based credit ratings agency in a statement said.
The firm said that FY 2021 would be more than sufficient to offset the increase in debt to pay regulatory dues of up to $4.9 billion which stem from a dispute over adjusted gross revenue (AGR<\/a>).
Shares of Bharti Airtel were trading at Rs 545.50 up 0.40% from the previous close on Bombay Stock Exchange (BSE).
Following the top court's ruling, the Sunil Mittal-driven telco on Monday deposited Rs 10,000 crore towards statutory outstanding.
Gurugram-based telecom company owed Rs 35,000 crore to the government, said that even as the industry<\/a> was under stress, but the telco remained safe.
On February 17, Bharti Airtel deposited Rs 10,000 crore to the Department of Telecommunications (DoT) after the Supreme Court rejected incumbent telcos' petition to ascertain with the DoT the amount and timing of the payment of the regulatory dues related to the AGR dispute.
Telco's management, however, estimates that the regulatory dues would not exceed the provision amount of $4.9 billion.
\"We estimate that funds from operations (FFO) adjusted net leverage will improve to 2.3x-2.4x in FY20 and to around 2.0x in FY21 excluding $6.3 billion in deferred spectrum costs below 2.5x, the threshold above which we may consider negative rating action,\" the firm added.
The agency attributed that the equity injection alleviated pressure on telco's balance sheet resulting from the high regulatory-dues obligations.
One of the dominant telecom players said that it was committed to an investment-grade rating and raised about $7.6 billion in equity through a rights issue and the sale of equity in its African subsidiary, Airtel Africa Plc, in the last 18 months.
The agency expects that the revenue would grow by 8% in FY20 and 16% in FY21 driven by tariff increases and subscriber addition, and the telcos would pay $4.9 billion of regulatory dues in Q4, FY20.
The telco also issued $1 billion of subordinated perpetual bonds, on which Fitch assigned it a 50% equity credit, and treated the raising of $1 billion in convertible debt as debt in its analysis.
\"We estimate Bharti's consolidated earnings before interest, tax, depreciation and amortization (EBITDA) will increase by 20%-25% a year in FY20 and FY21 due to easing competition in the Indian wireless market and continued strong growth in its African markets and Indian enterprise segment,\" the agency added.
Fitch believes that FY20 EBITDA for the telecom industry would rise by 25%-35%, driven by a 15% increase in blended average revenue per user (ARPU) to Rs 150- Rs 155 by end of Q4, FY20.
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惠誉移除负面的评级从Bharti Airtel
惠誉周四被评级看负面(RWN) Bharti Airtel评级后1月注资和营业利润的增长对截至2020年3月和2021年出现更稳定,以抵消债务。
“评级看删除负面的评级。稳定的前景反映了我们的观点,2020年1月20亿美元的注资息税前利润截至2020年3月的财政年度增长,”纽约的信用评级机构在一份声明中说。
公司表示,2021财政年度将超过足以抵消增加的债务支付的监管费高达49亿美元,源于纠纷调整收入总额(AGR)。
Bharti Airtel的股票交易价545.50 Rs在孟买证交所0.40%关闭(疯牛病)。
最高法院的裁决后,苏尼尔Mittal-driven电信周一沉积对法定杰出的10000卢比。
Gurugram-based电信公司欠政府35000卢比,说即使行业在压力之下,但电信仍然是安全的。
2月17日,Bharti Airtel沉积10000卢比的电信部(点)后,最高法院拒绝了现任电信公司的请愿书确定的点的数量和时间支付相关的监管费AGR纠纷。
电信的管理,然而,估计监管费不会超过规定数量的49亿美元。
“我们估计资金操作基于来自营运资金流量的调整后净杠杆将提高到2.3 - 2.4 x在FY20约2.0 x光谱FY21扣除63亿美元的递延成本低于2.5 x,阈值以上,我们可以考虑负面评级行动,”该公司说。
该机构认为,电信的注资缓解压力的资产负债表造成高regulatory-dues义务。
主导电信的球员之一说,这是致力于投资评级和通过配股筹集了约76亿美元的股本和出售股权的非洲子公司Airtel非洲公司,在过去的18个月。
该机构预计,FY20收入将增长8%,16% FY21由提高关税和用户,电信公司将支付49亿美元的监管费在第四季度,FY20。
电信还发行了10亿美元的次级永久债券,惠誉将其50%的股本信贷和治疗筹集的10亿美元的可转换债券债务的分析。
“我们估计Bharti的合并利息、税收、折旧及摊销之利润(EBITDA)将增加20% - -25%一年FY20和FY21由于宽松印度无线市场的竞争和持续强劲增长的非洲市场和印度企业部分,”该机构说。
惠誉认为FY20 EBITDA为电信行业将增加25% - -35%,增加15%混合驱动的每用户平均收入(ARPU) Rs 150 - Rs 155年第四季度末,FY20。
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