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CREDIT AND RATING

Bharti Airtel Limited ("Company') is a leading global telecommunications player with operations in 20 countries. We are the first ranked operator in India with c.31.9 % Revenue Market Share (9% ahead of nearest competitor) . Bharti is also the first or second ranked operator in 14 of the 17 African markets where it operates*.

For the year ended 31 March 2016, the Company generated Revenues of 14.74 Billion USD, EBITDA of 5.22 Billion USD and Operational Free Cash Flow (EBITDA less Capex) of 2.07 Billion USD.

The Company maintains a healthy leverage ratio and continues to focus on deleveraging – organically as well as through strategic equity initiatives. The Company is rated Investment Grade by Moody's, Fitch and S&P.

Bharti Airtel Limited has issued USD, EUR and CHF denominated bonds in the international debt capital markets. The Company maintains high standards of Corporate Governance and enjoys strong shareholder support (~32% owned by Singtel and 5% by QFE, besides promoters). The Company is listed in India with a market cap of 21.2 Bn USD.

Credit Summary *As of 31st March 2015



Financial Ratios

FY12 FY13 FY14 FY15 FY16
EBITDA ( USD Bln) 4.6 4.3 4.3 5.1 5.2
EBITDA % 32% 30% 32% 34.2% 35.30%
Capex ( USD Bln) 2.7 2.3 1.7 3.1 3.1
OFCF ( USD Bln) 2.0 2.0 2.8 2.1 2.1
Net Debt to
EBITDA ( Times)
2.6 2.5 2.2 2.08 2.42
Net Debt to
Equity ( Times)
1.2 1.2 1.0 1.08 1.28
Interest Coverage
Ratio ( Times)
9.1 6.8 7.6 8.4 7.1

Source: Quarterly and Annual Financial Statements

Rating Overviews

Bharti Airtel Ltd. is rated by three major international rating agencies, Fitch, Moody's and S&P.

Rating Agency Rating Outlook Ratings Action Report
Moodys Baa3 Stable View report
Fitch BBB- Stable View report
Standard & Poor's BBB- Stable View report