Fitch assigns BB+ to Bharti's IDR

Singapore, June 28: Fitch Ratings has assigned Bharti Airtel Ltd's long-term foreign currency Issuer Default Rating (IDR) at 'BB+', outlook on the rating remaining stable.

''The rating reflects Bharti's position as one of India's leading private-sector telecom operators with proven execution abilities and a pan-national cellular footprint,'' said Fitch.

The cellular division is the primary driver of earnings, accounting for around 63 per cent of consolidated revenues and around 68 per cent of consolidated EBITDA in FY06.

During the year, Bharti's cellular subscribers grew by 79 per cent (above industry-average) to 19.6 million and it has also maintained a strong growth in other segments including fixed-line, long distance and enterprise services, statement released by Fitch said.

Bharti rolled out its broadband network in nine new circles, extending its fixed-line services to 15 circles on March 2006.

UNI