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Bharti Airtel Upgraded to BBB+ by S&P
June 25, 2026
Bharti Airtel was upgraded to BBB+ from BBB by S&P. The upgrade reflects growing data consumption across Airtel’s core markets of India and Africa, which S&P expects to drive sustained earnings expansion and continued deleveraging. In India, S&P projects subscriber growth of 3-4% and average revenue per user (ARPU) growth of 5-7% over the next year. African operations are expected to outpace India over the next 12-24 months, with the customer base projected to grow 9-11% annually and ARPU rising 5-7% in US dollar terms through fiscal 2028. Consolidated EBITDA is forecast to grow 8-10% annually over the next two years following a 28% increase in fiscal 2026. Capex is projected to reach INR 565bn (~$6bn) by fiscal 2028, and fund Airtel’s data center business through Nxtra Data, cloud services, and African expansion. Despite higher capital spending and growing dividends, annual discretionary cash flow is projected at INR 220–240bn ($2.3-2.5bn) through fiscal 2028. FFO-to-debt is forecasted to improve from 43.8% in fiscal 2026 to ~60% in fiscal 2028.
Its 3.25% 2031s were stable at 93.1, yielding 4.8%.
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