India, April 23 -- Vodafone Idea (Vi) has received a credit rating upgrade from Care Ratings, moving from BB+ to BBB-. The revision is expected to bolster the company's efforts to secure Rs 25,000 crore in debt funding from banks. "Care Ratings Limited (CARE) has upgraded its rating assigned to the Long-Term and Short-Term Bank Facilities, as per the rating letter issued to the Company," Vi stated in a regulatory filing on Monday.

The Short-Term Bank Facilities rating was upgraded from A4+ to A3, while the Long-Term Bank Facilities moved from BB+ to BBB-. This follows a similar upgrade earlier this month by ICRA Ltd., which assigned a BBB- rating to Vi's long-term fund-based facilities. A return to investment grade,a key requirement for ...