INVESTMENT GRADE TO AIRTEL BONDS

Fitch today assigned investment grade rating, with negative outlook, to Bharti Airtel's proposed billion-dollar bond sale that is in line with the company's long term rating.The negative outlook has been assigned on account of ongoing regulatory uncertainty in its Indian operations, the global credit ratings firm said. "Fitch Ratings has assigned Bharti Airtel International (Netherlands) BV's proposed foreign-currency senior unsecured notes an expected 'BBB-(EXP)' rating," the agency said."The notes will be unconditionally and irrevocably guaranteed by India's Bharti Airtel Ltd (Bharti, BBB-/ Negative) and are therefore rated at the same level as Bharti's Long-Term Issuer Default Rating of 'BBB-'," it added.Sources said Bharti Airtel is likely to meet global investors early next week for a benchmark bond sale that is expected to raise USD 1 billion. They said the company's plan to raise USD 1 billion was already shared by Bharti Enterprises Group Chief Financial Officer Sarvjit Dhillon on February 1.