CRISIL Ratings has upgraded its long-term rating on the bank facilities of
BLS International Services Limited to ‘CRISIL A-/Stable’ from ‘CRISIL BBB+/Stable’ and reaffirmed the short-term rating at ‘CRISIL A2+’.
The upgrade in rating is driven by the gradual improvement in the business risk profile on account of diversification into new business segments and addition of clients in these segments.
The upgrade in the rating also factors in the revival in visa business from the second quarter of fiscal 2022 post a significant decline in fiscal 2021.
The ratings reflect the established market position of the group in the visa outsourcing services sector, diversified business profile, and comfortable financial risk profile. These strengths are partially offset by the tender-based business, susceptibility to changes in regulations by the concerned ministries of various countries.
CRISIL Ratings has combined the business and financial risk profiles of BLS, BLS International FZE (100% subsidiary of BLS), and their step-down subsidiaries.
BLS International ended at Rs225.15 per piece lower by 2.64% on Sensex.