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Bharti Airtel Upgraded to BBB by S&P
November 18, 2025
Bharti Airtel was upgraded by a notch to BBB from BBB- by S&P. Its senior unsecured debt was also upgraded to BBB, while its perpetual notes were raised to BB+. The upgrade reflects strong earnings momentum, improving cash flow, and expected deleveraging over the next 12–24 months. According to S&P, Bharti’s growth will mainly come from the Indian market, driven by subscriber additions and continued ARPU expansion of 6–8% annually, supported by tariff hikes and higher data usage. Airtel’s ARPU rose to INR 256 ($2.9), up 21% since mid-2024, with S&P adding that the operator continues to gain market share. Free cash flow is expected to strengthen, supported by rising EBITDA, leading to steady deleveraging as per S&P. Bharti Airtel is now rated inline with India’s sovereign rating at S&P, which also noted that Bharti’s ratings are no longer constrained by India’s sovereign rating. Earlier this month, Bharti was upgraded to Baa2 by Moody’s.
Bharti Airtel’s 3.975% Perp traded stable at 99.5, yielding 5.9%.
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