ICRA reaffirms A1+ rating to BEL's Rs 100 cr debt prog

New Delhi, Mar 31 (UNI) Credit rating agency ICRA has reaffirmed the A1+ rating earlier assigned to the Rs 100 crore short term debt programme of Bharat Electronics Ltd (BEL), indicating highest credit quality in the short term.

The rating affirmation takes into account the majority ownership of the Government of India, BEL's dominant position as a supplier of defence electronics to the armed forces, strong capital structure, comfortable liquidity and high financial flexibility.

Despite increasing liberalisation in defence procurement, ICRA expects BEL to maintain a stable business risk profile in the short to medium term.

UNI SS SR KP1756