Bharat Heavy Electricals Limited — Credit Ratings, 12-08-2026: Credit Rating

I apologize, but the critical details required to generate the summary—such as the specific instruments rated, the assigned or reaffirmed rating, the outlook, and the reasons for the upgrade—are not available in the provided "Page 1" of the announcement. This information is typically found on subsequent pages of a credit rating report, such as "Page 2," which was not provided.

Without these essential details, I cannot create an accurate and comprehensive summary as requested. Please provide the full credit rating announcement, including the details from Page 2, to enable me to generate the summary according to your preferences.