Credit rating agency, CRISIL has downgraded its outlook on Bharat Heavy Electricals’ (BHEL) long-term bank facilities to ‘negative’ from ‘stable’, as the company's project execution and profitability is expected to remain vulnerable to structural issues plaguing the power sector.
The company's working capital cycle will remain stretched. However, the rating agency has reaffirmed ‘AAA’ rating for the long term facility and ‘A1+’ for short term loans of the company.