APAC Credit Roundup: Bharti, Vista Land

Research evidence excerpt

APAC Credit Roundup: Bharti, Vista Land

J P M O R G A N Asia Pacific Credit Research

25 June 2026

APAC Credit Roundup

Bharti, Vista Land

• Bharti Airtel - S&P upgrades to BBB+ Asia Pacific Credit Research

• Vista Land and Lifescapes - Thoughts on the recent bond price rally Soo Chong Lim AC

(852) 2800-7387

soochong.lim@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited

Matthew Hughart AC

Bharti Airtel – S&P upgrades to BBB+ (852) 2800-6518

matthew.hughart@jpmorgan.com

S&P upgraded Bharti Airtel (Bharti) to BBB+ with a stable outlook, citing growing J.P. Morgan Securities (Asia Pacific) Limited

ACdata consumption and fundamental improvement in Indian and African telco markets Alvin Au

as a key reason, which should help expand earnings and cash flow generation to fund (852) 2800-8533

higher capex and dividend outflow. The rating agency expects annual adjusted alvin.au@jpmorgan.com

discretionary cash flow (after lease capex) to be ~Rs220-240bn through FY28 and J.P. Morgan Securities (Asia Pacific) Limited

FFO/debt ratio to improve to ~60%. Downgrade triggers include FFO/Debt < 45% or Aman Aggarwal AC

a material increase in debt at Bharti Telecom level while upgrade triggers include (852) 2800-0081

aman.aggarwal@jpmchase.com

FFO/Debt>60%. J.P. Morgan Securities (Asia Pacific) Limited

We believe the upgrade was largely expected after the positive outlook late last year. Shirley Yau AC

With this, Bharti is rated one notch above S&P’s India sovereign rating. While we (852) 2800-0566

remain comfortable with the company’s strong credit fundamentals, we believe that shirley.yau@jpmorgan.com

valuations have priced this in. We retain a preference for the RILIN ‘32s over the AC Emma Xing

Bharti ‘31s which gives ~18bp of pickup along with a rating advantage. We remain