S&P assigns BBB-minus to Bharti Airtel’s proposed senior unsecured notes

S & P Global Ratings on Tuesday assigned BBB negative long-term issue rating to senior unsecured notes that Bharti Airtel Ltd proposes to issue.At the same time, it assigned BB long-term issue rating to proposed subordinated perpetual securities (PERPS) issued by Network i2i Ltd and guaranteed by Bharti Airtel.Bharti Airtel will use the proceeds for capital expenditure, repayment of existing debt or any other purpose as allowed by regulations.The proposed PERPS are similar to the existing PERPS, ranking senior only to Bharti Airtel’s equity. They will have five-year resettable coupons starting from 5.25 years with step-ups of 25 basis points after the initial term of 10.25 years and a further 75 basis points after 25.25 years.”Hence, we consider the PERPS to have an effective maturity of 25.25 years,” said S & P.”Consequently, we assess the proposed PERPS as having intermediate equity content up to the first reset date at 5.25 years.”This is because the remaining period until .