ICRA has assigned an "A1+" rating to the Rs 2.75 billion non-fund based limits of Bharat Forge Limited. This is the highest credit quality rating assigned by ICRA to short-term debt instruments. Instruments rated in this category carry the lowest credit risk in the short term.

ICRA has also assigned the "LAA" rating to its Rs 900 million term loans and Rs 7 billion fund based bank limits of Bharat Forge. This is a high credit quality rating assigned by ICRA and the rated instrument carries low credit risk.