India Ratings and Research (IndRa) has downgraded Bharat Heavy Electricals' (BHEL) Long-term Issuer Rating to 'AA+' from 'AAA'. Simultaneously, all ratings have been removed from Rating Watch Negative (RWN) and a Negative Outlook has been assigned to all Long-term ratings. The removal of RWN follows the completion of the ongoing evaluation of BHEL's key business parameters.
BHEL is India's largest engineering and manufacturing company of its kind. It is a power plant equipment manufacturer and operates as an engineering and manufacturing company.