Credit rating agency ICRA has upgraded JSW Steel’s long-term rating.
According to a BSE filing, “ICRA has upgraded long-term rating to ‘[ICRA]AA(Stable)’ from ‘[ICRA]AA-(Stable)’ while it has reaffirmed short-term rating to [ICRA]A1+ for bank facilities, non-convertible debenture programme and commercial paper programme of the company.’’
As per ICRA scale, instruments with this rating are considered to have high degree of safety with regard to timely servicing of financial obligations and also carry very low credit risk.
The filing said that the long-term rating takes into account sustained improvement in the company’s operating and financial performance due to favourable demand and remunerative steel prices, a trend which the credit rating agency expects to persist in the near-to-medium term.
JSW Steel -- the flagship company of the JSW Group -- is a leading integrated steel manufacturer.