By BullScreen Editorial Team 
Bharti Airtel has received a credit rating upgrade from S&P Global Ratings, with the agency raising its long-term issuer rating to ‘BBB+’ from ‘BBB’, citing strong earnings growth in India and Africa along with improving debt metrics.
The upgrade reflects Airtel’s growing strength in two of its biggest markets, where rising data consumption and improving telecom industry dynamics are expected to drive higher revenues and profitability. S&P said Airtel’s financial position is becoming stronger as operating cash flows improve, helping the company reduce leverage despite ongoing investments.
In India, S&P expects Airtel’s subscriber base to grow 3%-4% over the next 12 months, while average revenue per user (ARPU) is projected to rise 5%-7%. The increase is likely to be supported by higher mobile data usage, premium plans, and new customer additions.
Airtel’s Africa business is expected to outperform its India operations over the next two years. S&P estimates the African subscriber base could expand 9%-11% annually, with ARPU in dollar terms rising 5%-7% each year through fiscal 2028.
The ratings agency forecasts Airtel’s consolidated EBITDA to grow 8%-10% annually over the next two years, following a sharp 28% jump in fiscal 2026. Africa’s share in total EBITDA is expected to increase to 25%-27%, up from earlier estimates of around 20%.
S&P maintained a stable outlook, expecting Airtel’s funds-from-operations-to-debt ratio to stay above 50% over the next 12-24 months. However, it warned that the rating could face pressure if leverage weakens or the ratio falls below 45% due to slower earnings growth or aggressive debt-funded expansion.