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标普全球修正Airtel前景改善“稳定”操作,利用管理
“稳定前景反映了我们的观点,Airtel将积极管理基金的杠杆,其比率从操作基于来自营运资金流量的债务将保持持续的基础上远高于20%,同时保持其竞争地位,”标准普尔全球周四在一份媒体声明中说。
加尔各答:全球评级机构标普全球已修订Bharti Airtel展望从“稳定”的“负面”,理由是苏尼尔Mittal-led电信的改进操作基础和较高的杠杆率管理。
“稳定前景反映了我们的观点附近的旅馆将积极管理基金的杠杆,其比率从操作基于来自营运资金流量的债务将持续保持高于20%,同时保持其竞争地位,”标准普尔全球周四在一份媒体声明中说。
的最新发展来的旅馆最近决定通过配股筹集高达21000卢比可能会帮助电信增长机会,5 g明年将抵达印度,还其数字业务成长。
配股,信号主动利用管理。“我们相信配股旨在预先构建金融能力Airtel来临之前,5 g投资,考虑到没有其他直接融资需求,”它补充道。
评级机构说Airtel的“改善运营基本面应提高其利润率和息税前利润和减轻预期5 g频谱的潜在影响杠杆的投资。它还补充说,即将到来的Airtel配股,缓解了这一风险。
标普全球预计印度第二大电信“持续改善”其操作性能。所以,它估计Airtel的调整后息税前利润上升FY23 FY22 16% - -18%和9% - -11%。
全球评级机构,肯定其“BBB -”Airtel长期发行人的信用评级,评级“BBB -”问题在电信的高级无担保票据。进一步,它也肯定了““BB”问题对次级长期证券的评级(补)”保证。
标普全球还表示,任何“监管政府的支持是任何潜在的救援计划的一部分行业”可能会进一步提高Airtel的盈利能力,尽管“我们没有考虑到我们的基本情况场景”。
电信部门的救援包,虽然,没有考虑在周三的内阁会议,甚至让电信部门高级官员感到意外。
Bharti的配股发行信用正,信用为新加坡电信中性:穆迪
Bharti Airtel委员会最近批准提高到21000卢比配股,每股535卢比的价格。
全球评级机构预计Airtel的印度移动市场继续以健康的速度增长,然而,以较慢的速度比FY21缺乏全面关税上调。
“我们项目段的Ebitda(阅读:移动段),约占该公司一半的Ebitda报道,将上升大约25%在FY23 FY22和较低的青少年,给定用户的增加和每用户平均收入(ARPU)。相比之下,报道FY21段的息税前利润增长43%,”全球评级机构说。
标普全球还预计Airtel的印度移动ARPU增长的势头放缓后接近几个季度。以来,电信的客户已经“升级到更高的关税计划”随着时间的推移,由于日益增长的数据需求。Airtel,除此之外,它说,也提高了企业用户和提高其入门级的邮资已付的计划基地预付率61%明确为了提高arpu。
然而,标普全球说印度的5 g的路线图和Airtel的相应5 g频谱投资仍不确定。它,事实上,预计任何5 g投资拖累公司的信贷指标,考虑到滞后之间的投资和回报。“5 g频谱拍卖可能会发生在2022年的上半年,在当前的保留价格,将耗费近5000亿卢比在一整个频谱块100 Mhz。”
内阁跳过电信健康点的建议方案
知道的人说,电信部门的救援计划不上来考虑在内阁会议,甚至惊讶电信部(点)的官员们。
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<\/figure>Kolkata: Global ratings agency, S & P Global has revised Bharti Airtel<\/a>'s outlook to \u201cstable\u201d from \u201cnegative,\u201d citing the Sunil Mittal-led telco\u2019s improved operating fundamentals and superior leverage management.
\u201cThe stable outlook reflects our view that Airtel<\/a> will actively manage its leverage such that its ratio of funds from operations (FFO) to debt will stay well above 20% on a sustained basis, while maintaining its competitive position,\u201d S&P Global said in a media statement Thursday.
The latest developments come on the heels of Airtel\u2019s recent decision to raise upto Rs 21,000 crore through a rights issue that is likely to help the telco tap growth opportunities, with 5G set to arrive in India next year and also grow its digital business.
<\/div><\/div>S&P Global also expects Airtel\u2019s upcoming mega funds raise via rights issue \u201cto alleviate the likely impact from upcoming 5G spectrum liabilities,\u201d which, it said, is necessary for the telco\u2019s competitiveness.
The rights issue, it said, signals proactive leverage management. \u201cWe believe the rights issue aims to preemptively build financial capacity for Airtel ahead of upcoming 5G investments, given the absence of other immediate funding needs,\u201d it added.
The ratings agency said Airtel\u2019s \u201cimproving operating fundamentals should improve its margins and Ebitda\u201d and mitigate the potential effect on leverage from expected 5G spectrum investments. It added that Airtel\u2019s upcoming rights issue also mitigates this risk.
S&P Global expects India\u2019s second-largest telco to \u201ccontinue improving\u201d its operational performance. So much so, it estimates Airtel\u2019s adjusted Ebitda to rise 16%-18% in FY22 and 9%-11% in FY23.
The global ratings agency, though, has affirmed its 'BBB-' long-term issuer credit rating on Airtel and the 'BBB-' issue rating on the telco\u2019s senior unsecured notes. Further, it has also affirmed \u201cthe 'BB' issue rating on the subordinated perpetual securities (PERPS)\u201d it guarantees.
The rights issue, it said, signals proactive leverage management. \u201cWe believe the rights issue aims to preemptively build financial capacity for Airtel ahead of upcoming 5G investments, given the absence of other immediate funding needs,\u201d it added.
The ratings agency said Airtel\u2019s \u201cimproving operating fundamentals should improve its margins and Ebitda\u201d and mitigate the potential effect on leverage from expected 5G spectrum investments. It added that Airtel\u2019s upcoming rights issue also mitigates this risk.
S&P Global expects India\u2019s second-largest telco to \u201ccontinue improving\u201d its operational performance. So much so, it estimates Airtel\u2019s adjusted Ebitda to rise 16%-18% in FY22 and 9%-11% in FY23.
The global ratings agency, though, has affirmed its 'BBB-' long-term issuer credit rating on Airtel and the 'BBB-' issue rating on the telco\u2019s senior unsecured notes. Further, it has also affirmed \u201cthe 'BB' issue rating on the subordinated perpetual securities (PERPS)\u201d it guarantees.
<\/div><\/div>Airtel shares closed 2.77% higher at Rs 686.30 on BSE Thursday. The outlook revision by S&P Global came well after market hours.
S&P Global also said that any \u201cregulatory support from the government as part of any potential relief package for the industry<\/a>\u201d could further boost Airtel\u2019s profitability, although \u201cwe have not factored this into our base-case scenario\u201d.
The telecom sector\u2019s relief package, though, did not come up for consideration in Wednesday\u2019 Cabinet meeting, which had taken even senior telecom department officials by surprise.
S&P Global also said that any \u201cregulatory support from the government as part of any potential relief package for the industry<\/a>\u201d could further boost Airtel\u2019s profitability, although \u201cwe have not factored this into our base-case scenario\u201d.
The telecom sector\u2019s relief package, though, did not come up for consideration in Wednesday\u2019 Cabinet meeting, which had taken even senior telecom department officials by surprise.