Moody's Ratings has upgraded Bharti Airtel's credit rating from Baa3 to Baa2, with a stable outlook, highlighting the company's robust financial improvements and expanding market presence. The upgrade is attributed to Airtel's steady increase in market share, which rose to 33.5% in September from 28% in March 2020, as it continues to capture customers from competitors like Vodafone Idea. The favorable regulatory environment and moderating competition further support this positive assessment. Airtel's consolidated net profit surged by 83% year-on-year in the September quarter, marking its 16th consecutive profitable quarter after a challenging period of losses. Moody's noted that Airtel's strong market position and prudent financial policies, including debt reduction and earnings growth, position it well above India's sovereign rating, although its linkages with the Indian economy limit its rating to just one notch above the sovereign.