Bharti Airtel hits 52 week high on Moody's Outlook Revision
Published On: Wednesday, November 24, 2021 | By: Team KnowMyStock
Shares of the telecom giant Bharti Airtel gained almost 3.5%, hitting new 52 weeks high of Rs 781.65 apiece on Wednesday, after the bond credit rating company Moody’s raised the rating outlook of the Sunil Mittal-led telco and its subsidiary Bharti Airtel Int'l (Netherlands) B.V. and revised it from ‘stable’ to ‘positive’, on Tuesday. In the past three trading days, the stock of the telecom services provider has rallied 9 percent following the announcement of increased tariffs in a range of services effective November 26. Moody’s has also affirmed Bharti's Ba1 corporate family rating (CFR) and senior unsecured rating, as well as the Ba1 rating on the backed senior unsecured notes issued by Bharti Airtel Int'l (Netherlands) B.V., state “The outlook change to positive reflects Bharti’s improving operating performance and credit metrics which, if sustained, could support an upgrade to investment grade within the next 12-18 months,”Moody’s Senior Vice-President Annalisa Di Chiara said.
Moody’s states that Airtel’s increasing expansion in probability, majorly in its Indian mobile business, in conjunction with a periodic reduction in its balance sheet debt is necessary to dissipate the potential effect of the telco’s credit metrics in terms of significant investments in 5G.
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