Mumbai, Aug. 13: Crisil has upgraded the rating of Bharti Cellular to AA- from A+ in a move that recognises the firmís ability to maintain profitability in the face tough competition in the cellular service industry.
The rating boost is for Bharti Cellularís Rs 175-crore non-convertible debentures. The agency feels the company will be able to sustain profits mainly because of its penchant for aggressively expanding subscriber pool. It has done so by offering competitive service and due to the economies of scale.
Crisil said the rating also reflects the companyís leadership, its pan-Indian footprint, its track record of successfully rolling out networks, Bharti TeleVenturesí improved financial performance and recent indications of a clearer set of regulations.