Bharti Airtel shares gain; S&P upgrades rating

Reuters
A worker cleans a logo of Bharti Airtel at its zonal office building in Chandigarh May 2, 2013. REUTERS/Ajay Verma/Files

Reuters Market Eye - 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 4.2 percent higher at 298.95 rupees as of 1.05 p.m. (Reporting by Indulal PM)