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CREDIT AND RATING

Bharti Airtel Limited ("Company') is a leading global telecommunications player with operations in 17 countries. We are the first ranked operator in India with c.34% Revenue Market Share (9% ahead of nearest competitor). Bharti is also the second ranked operator in Africa.

For the year ended 31 March 2017, the Company generated Revenues of 14.2 Billion USD, EBITDA of 5.3 Billion USD and Operational Free Cash Flow (EBITDA less Capex) of 2.34 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 (~36% owned by Singtel and 5% by QFE, besides promoters). The Company is listed in India with a market cap of 21.6 Bn USD.

Credit Summary *As of 31st March 2015 Source: Quarter 4, Consolidated report pg 4



Financial Ratios

FY13 FY14 FY15 FY16 FY17
EBITDA (USD Bn) 4.3 4.3 5.1 5.2 5.3
EBITDA % 30% 32% 34.20% 35.30% 37.30%
Capex (USD Bn) 2.3 1.7 3.1 3.1 2.95
OFCF (USD Bn) 2.0 2.8 2.1 2.1 2.3
Net Debt to EBITDA (Times) 2.5 2.2 2.08 2.46 2.66
Net Debt to Funded Equity (Times)) 1.2 1.0 1.08 1.25 1.35
Interest Coverage ratio (Times) 6.8 7.6 8.43 7.1 5.2

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