Bharti Airtel shares gain after S&P upgrades rating

Written by Reuters | Mumbai | Updated: Mar 9 2014, 23:56pm hrs
Bharti AirtelS&P has raised Bharti Airtel's long-term corporate credit rating to 'BBB-' from 'BB+'.
Shares of Bharti Airtel rise after Standard & Poor's Ratings Services upgrades the company's ratings, traders said.

S&P, late on Thursday, raised Bharti's long-term corporate credit rating to 'BBB-' from 'BB+'.

The rating agency says the upgrade reflects expectation that Bharti will use its significant free operating cash flows and funds from strategic measures to reduce its leverage to a level that is in line with an "intermediate" financial risk profile.

Bharti shares were trading 5.4 percent higher at 301.15 rupees as of 11.13 a.m.