India, June 25 -- S&P Global Ratings has upgraded Bharti Airtel's long-term issuer credit rating to BBB+ from BBB, citing sustained earnings growth in India and Africa, improving cash flows and a stronger balance sheet. The agency has also raised the rating on Airtel's senior unsecured debt to BBB+. The outlook remains stable.

According to S&P, rising data consumption, subscriber growth and higher spending on telecom services are expected to support Airtel's earnings over the next two years. In India, the company is projected to increase its subscriber base by 3-4% annually, while average revenue per user (ARPU) is expected to grow by 5-7%.

The ratings agency highlighted Airtel's African operations as a key growth driver. It expects the...