Mumbai, Feb 17 (TIWN) Indian markets closed lower as fresh growth worries emerged after global rating agency Moody's revised down India's growth forecast. Sensex lost over 200 points on Monday, led by fall in banking and telecom stocks over the SC order in the AGR case.

The company brushed aside the rerating.

“The company continues to be rated as investment grade by two global rating agencies, Fitch Ratings and Standard and Poor’s,” Bharti Airtel said. With “Africa debt already reduced to $3.5 billion, as also the fact that $6 billion of debt in India is under 16-year deferred spectrum payments, the overall debt situation is comfortable and planned initiatives will further benefit.”

Moody's also downgraded “backed senior unsecured notes” issued by Bharti’s wholly-owned Dutch arm, Bharti Airtel International (Netherlands) BV to Ba1 from Baa3. This is the first rating below investment grade by an international agency for Airtel, which has been singed by tariff wars following the entry of Reliance Jio Infocomm in September 2016 that have taken a toll on revenue, profitability and cash flows in the industry.