Mumbai, Feb. 23 -- The agency has reaffirmed the company's long-term rating and short-term rating at 'IND BBB' and 'IND A2', respectively.

India Ratings and Research stated that it had previously placed the rating on 'Rating Watch with Negative Implications', due to uncertainty over the impact of the US tariff on the company's operations.

The agency had resolved the 'Rating Watch' in view of the reduction in the tariff to 18% from 50% and the improvement in the company's operating performance in 9M FY26.

The affirmation reflects the continued growth in BIL's revenue during FY25-9MFY26, and India Ratings' expectation of a sustained increase in the same in the medium term.

The ratings also factor in an improvement in the credit metrics ...