Fitch gives 'stable' outlook to Airtel

The agency has also affirmed Bharti Airtel International (Netherlands) B.V.'s senior unsecured guaranteed bonds at 'BBB-' and Network i2i's subordinated perpetual bond at 'BB'.

Fitch also removed Airtel from 'Watch Negative'.

"The Stable Outlook reflects our view that an equity injection of $2 billion in January 2020 and EBITDA growth for the financial year ending March 2020 (FY20) and FY21 will be more than sufficient to offset the increase in debt to pay regulatory dues of up to $4.9 billion, which stem from a dispute over adjusted gross revenue (AGR).

Bharti has already paid Rs 10,000 crore towards AGR payments. As per the DoT, its dues are Rs 35,500 crore.