Credit Rating Overview

The Company continues to focus on maintaining a healthy leverage ratio and deleveraging – organically as well as through strategic equity
initiatives. The Company is rated by international rating agencies Moody's, Fitch and S&P. Airtel is also rated domestically by CRISIL.
Bharti Airtel Limited has issued USD denominated bonds in the international debt capital markets. The Company maintains high standards of
Corporate Governance and enjoys strong shareholder support.

Rating Overviews : Bharti Airtel Ltd. is rated by following major rating agencies.
Rating Agency

Moody’s

Rating

Ba1

Outlook

Positive

Ratings Action Report
Rating Agency

Fitch

Rating

BBB-

Outlook

Negative

Ratings Action Report
Rating Agency

Standard and Poor’s

Rating

BBB-

Outlook

Stable

Ratings Action Report
Rating Agency

CRISIL

Rating

AA+

Outlook

Stable

Ratings Action Report