S&P Global Ratings has upgraded Bharti Airtel’s credit rating to BBB+, reflecting the telecom operator’s strengthening financial profile and robust growth trajectory across its core markets.
The agency highlighted the company’s ability to balance increased capital expenditure with strict leverage discipline, a key factor in the positive outlook.
S&P noted that Airtel is well-positioned to fund its expansion into data centers and cloud services while maintaining its debt metrics within target ranges.
The upgrade is underpinned by strong performance in both India and Africa, where rising average revenue per user (ARPU) is driving earnings growth.
S&P noted that Airtel is well-positioned to fund its expansion into data centers and cloud services while maintaining its debt metrics within target ranges.
Crucially, the agency expects no significant spectrum auction costs to impact the balance sheet until fiscal year 2030, providing a clear runway for continued investment.
This development follows Bharti Airtel’s recent strategic consolidation in Africa, where it completed the acquisition of a significant share block in Airtel Africa from joint venture partner ICIL in late June.