Sunil Mittal’s Bharti Airtel, Anil Ambani’s Reliance Communications and other operators may find banks reluctant to lend as economic growth slows, according to Vineet Gupta, Singapore-based analyst at Moody’s Investors Service. The yield on Tata Teleservices’s 13-year bonds climbed 30 basis points this quarter to 288 basis points more than similar-maturity government debt. The similar spread for Vodafone Group debt is 145 basis points.
Lenders are approaching a regulatory limit on credit to phone operators and the Indian Supreme Court’s decision this year to scrap 122 previous permits put $2 billion of existing loans at risk, ....Full story
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