24-Jun-2026 22:01:16
BHARTI AIRTEL RAISED TO BBB+/STABLE ON HIGH GROWTH IN AFRICA AND INDIA
• S&P Global Ratings upgraded its long-term issuer credit ratings on Bharti Airtel to 'BBB+' from 'BBB'. • Ratings on the senior unsecured debt were raised to 'BBB+' from 'BBB'. • The stable outlook reflects expectations that Bharti Airtel will pay down debt as earnings and cash flows rise, supported by growing data consumption in India and Africa. • Bharti Airtel's African businesses performance is stronger than expected, with customer base projected to grow 9%-11% annually and ARPU growing 5%-7%. India operations are projected to see subscriber numbers increase by 3%-4% and ARPU grow by 5%-7%. • Consolidated EBITDA is forecast to increase by 8%-10% annually over the next two years, and total cash dividends are expected to rise to about INR230 billion in fiscal 2027 and INR350 billion in fiscal 2028. • FFO to debt ratio is forecast to improve to above 50% over the next 12-24 months. • Impact: S&P upgraded Bharti Airtel's credit rating on strong growth prospects.
Bharti Airtel Ltd
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