ICRA Upgrades Vodafone Idea's Loan Rating to 'BBB', Outlook Revised to Positive

• ICRA upgraded Vodafone Idea's long-term fund-based credit rating to 'BBB' from 'BBB-', revising outlook to 'positive' from 'stable'.
• The upgrade is driven by improved visibility on regulatory liabilities and fresh financial support from promoters.
• Revised AGR payment schedule and CLAM settlement will inject ₹2,307 crore cash and ease cash flow pressures.
• Vodafone Idea plans ₹45,000 crore capex (FY27-FY29) for 4G expansion, 5G rollout, and capacity augmentation.
• Despite subscriber base pressure, improved regulatory clarity and funding are expected to revive capex and boost ARPU.