"If, as we expect, the amount Bharti is ultimately required to pay is large and needs debt funding, the company's debt leverage will increase, a credit negative," Moody's said. The credit rating agency said that in case Bharti Airtel is required to make a payment of Rs 34,260 crore immediately and in full, the debt level of the company will rise 25 per cent if the company raises entire money to make payment through debt instruments. "If Bharti and Vodafone are required to make their payments immediately and in full, it will likely have fundamental implications for the financial health and competitive dynamics of the Indian telecommunications industry," Moody's said. PRS HRS