Financial Daily from THE HINDU group of publications
Thursday, Aug 14, 2003
Financial Daily from THE HINDU group of publications Thursday, Aug 14, 2003 |
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Money & Banking
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Corporate Bonds Info-Tech - Telecommunications Crisil upgrades Bharti Cellular's NCD programme Our Bureau
Mumbai , Aug. 13 THE Rs 175-crore non-convertible debenture programme of Bharti Cellular has been upgraded by Crisil, notwithstanding the intense competition in the sector as well as falling Average Revenue Per User (ARPU). The company's debenture programme has been upgraded from `A+' to `AA-', according to news release from the rating agency. Among other criteria taken into account, Bharti Cellular's holding company Bharti Tele-Ventures' (BTVL) improved financial performance and the emerging regulatory clarity in the industry contributed to the upgradation. The rating is also supported by BTVL's proven ability to tie up debt funding for its future capex needs at extremely competitive rates as it did in early 2003, said the release.
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