BSL Limited — Credit Ratings, 09-06-2025: Credit Rating- Revision

India Ratings has affirmed BSL Limited’s long-term rating at IND BBB- and short-term rating at IND A3, but downgraded the outlook to Negative from Stable. This change reflects concerns over liquidity pressures and high leverage, with outstanding term loans around ₹368.4 Cr. The Negative outlook signals potential risks in maintaining credit metrics, which may lead to higher borrowing costs and dampened investor confidence. The rating action highlights the importance for BSL to improve cash flow generation and manage its debt effectively to stabilize its credit profile going forward.