Fitch Ratings today said it has assigned a ‘BB’ final rating to JSW Steel’s USD 500 million 5.25 per cent senior unsecured notes maturing in 2022.

“The final rating is in line with the expected rating assigned on March 28, 2017, and follows the receipt of final documents conforming to earlier information,” Fitch Ratings said in a statement.

The proceeds will be used for repaying foreign—currency debt, capex or any other purpose in accordance with regulations, it said.

“Around 60 per cent of the company’s consolidated debt, unadjusted for acceptances, was secured as of financial year ended March 2016 (FY16), resulting in a secured debt/EBITDA ratio of 4x. However, we expect the ratio to moderate to 2x... and to come down further thereafter,” it said.

Fitch Ratings rules out high possibility of subordination and lower recoveries for JSW Steel’s senior unsecured debt based on set criteria.