Moody’s Upgrades Bharti Airtel to Baa2 on Stronger Balance Sheet, Stable Outlook

Moody’s Ratings upgraded Bharti Airtel Ltd.’s issuer rating to Baa2 from Baa3 and revised the outlook to stable from positive, citing a stronger credit profile and continued market share gains.

The agency said the upgrade reflects a significant improvement in Airtel’s financial position and growing market share, supported by structural changes in India’s fast-expanding telecom sector and a supportive regulatory environment.

Airtel has reduced leverage over the past year, with Moody’s projecting consolidated adjusted debt to improve to 1.8 times earnings before interest, tax, depreciation, and amortisation (EBITDA) in 2025–26, compared with 2.3 times in 2024-25. The ratio is expected to fall further to 1.5 times by 2026-27, helped by prepayment of higher-cost deferred spectrum liabilities from cash surpluses.